12 FEBRUARY 2026AlCircle.com

Privatisation amidst conflict: Ukraine strategises to safeguard sale of asset

3 min read

Dmytro Natalukha, the head of the State Property Fund of Ukraine (SPFU), declared their plan to privatise the crucial assets within six months. The assets that are marked for the encouragement of private investors include Mykolaive Alumina Plant, in southern Ukraine, Demurinsky MMiningand Processing Plant, a titanium-zirconium mining enterprise in Dnipropetrovsk Oblast, Odessa Port Plant (OPZ), a major Ukrainian state-owned fertiliser producer in Yuzhna (ammonia/urea), and the Ocean Plaza shopping and entertainment centre in Kyiv.

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With special attention given to the Odessa Port Plant, Natalukha marked that the military and wartime risks are the major contributors to scaring off the investors, even bigger than the debt of about USD 193 million to Dmytro Firtash. In his words, “As for the Odessa Port Plant, the main concern is military risk. Even Firtash’s debts are less daunting than its location in the Odessa region.”

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During the soviet era, these companies were created to integrate the production chain inside a large industrial system and have their fair share of value based on their performance as an independent entity. Their further development is practical only through investments of major industrial groups, competent in shielding raw materials, logistics and sales markets. As per the statement of the head of SPFU, the touchstone for the privatisation is to partially mitigate wartime risks, as the country of the investor will have a weight on this situation, bringing the USA and India as examples.

In September 2021, the upsurge in gas prices led to the halt in the operations of Odessa Port Plant. A failed attempt to sell the company was made in November 2025 at a price of UAH 4.5 billion (USD 104.12 million).

Risk of shelling and obstruction in the Mykolaiv ports led to the suspension of the sole alumina producer of Ukraine, Mykolaiv Alumina Plant in 2022, and has been nationalised in 2023. The operations carried by the subject were reliant on importing bauxite, mainly from Guinea, Brazil and Ghana and produced raw materials for aluminium smelting, primarily supplying Russia before their invasion.

“Yes, as we may sell at a lower price, but in the long term, integration into global supply chains could benefit the state”, said Natalukha, indicating the complex sales angle with expectations of remarkable economic returns.