SPF Sells 40% In Severodonetsk Azot Association To American Worldwide Chemical

AzotThe State Property Fund has sold the 40-percent stake in a large producer of mineral fertilizers, Severodonetsk Azot Association, Luhansk region, to the Worldwide Chemical, the United States, a well-informed source told the Ukrainian News agency.

He said that the sides have already signed the agreement on sale of the shares.

He did not disclose other details about the deal.

The press service of the SPF and American IBE Trade corporation, which owns the Worldwide Chemical, do not comment upon the information.

As Ukrainian News earlier reported, Severodonetsk Azot Association reported a loss of UAH 200.369 million for the year 2009, when its net revenues fell by UAH 1,576.369 million or 42.1% to UAH 2,168.042 million compared with 2008.

Severodonetsk Azot Association is a major producer of ammonia, carbamide, and ammonium nitrate.

Worldwide Chemical LLC (a subsidiary of IBE Trade Corp of the United States) owns 60% of the shares in Severodonetsk Azot Association, which is a closed joint-stock company, while the State Property Fund owns 40%.

According to the research “TOP-100. Leaders of Ukrainian Business”, the Severodonetsk Azot Association in Luhansk region was in the third place among chemical enterprises in the terms of net revenues for 2008 (UAH 3.74 billion).

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