Ukraine to privatise Mykolaiv Alumina Refinery in Q4 2026 at $86M starting price

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Mykolaiv alumina refinery is set to be offered for privatisation in the fourth quarter of 2026, with a starting price of around USD 86 million, according to Ukraine’s State Property Fund.

The announcement was made by Dmytro Natalukha, head of the State Property Fund, during a press briefing marking his first 100 days in office. The plant, once a key producer of alumina used in aluminium production, has remained largely idle since the outbreak of the full-scale war.

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Previously linked to Russian businessman Oleg Deripaska, the asset is part of a broader effort by Ukraine to divest confiscated or sanctioned properties and reintegrate them into the national economy. Alongside the Mykolaiv plant, the government also plans to privatise other major industrial assets, including Sumykhimprom, Demurivskyi Mining and Processing Plant, Odesa Port Plant, and Indar.

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The proposed sale goes far beyond a standard privatisation deal. For Mykolaiv, the deal raises fears about job losses, environmental risks, and the site's long-term survival as a major industrial base. Analysts say the starting price looks too low given the plant's former output and the value of its raw material assets. 

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The low price reflects risks such as wartime damage, long shutdowns, legal issues from sanctioned owners, and high repair costs. Buyers would get a troubled plant needing major investment and long-term work.