President Leonid Kuchma is drafting a law aimed at accelerating privatization of state-owned enterprises, Ukrainian News reported.
'The decree stipulates urgent measures aimed at accelerating privatization in Ukraine,' said Kuchma's economic advisor Valery Lytvytsky on Dec. 16.
Lytvytsky said that he could not give details of the draft decree because it is still being drafted. He, however, said that the draft decree is aimed at next year's plan to sell attractive enterprises to strategic investors for cash.
Lytvytsky did not rule out the possibility of a decree initiating privatization of telecoms monopoly Ukrtelekom.
Kuchma has already issued several decrees supporting the implementation of IMF economic-reform requirements. On Dec. 15, he signed a decree reducing the number of governmental institutions and optimizing their operations. Prior to that, on Dec. 3, Kuchma signed a decree on further reform of the agricultural sector.
Privatization results
In privatization results, the State Property Fund has canceled the sale of a 1 percent stake in NaftoKhimyk Prykarpattia, a petroleum-refining plant, via the Ukrainian Stock Exchange, the SPF press service announced.
In November, the Cabinet of Ministers transferred a 26 percent stake in NaftoKhimyk Prykarpattia to the management of Alfa-Nafta.
Earlier, the Cabinet fixed a 25 percent stake in NaftoKhimyk Prykarpattia to remain in state hands. Derzhinvest Ukraine, a state-owned investment fund, presently holds a 30 percent stake in the company, which is managed by Watford.
In January to November, Nafto-Khimyk Prykarpattia reduced oil processing by 34.6 percent compared to the same period of 1998. The refinery processed 10.9 percent of the total volume of crude oil processed in Ukraine through 11 months of 1999.
In another privatization setback, the SPF said it had failed to sell a 51 percent stake in Odessa Printing Machine Plant via a commercial tender. The tender had been announced on Oct. 13.
