The sale of Odesa port-side chemical plant is scheduled for the beginning of November, Head of the State Property Fund (SPF) Ihor Bilous has said at a meeting with the special parliamentary commission for privatization in Kyiv.

"We plan to announce a tender by the end of this month. Accordingly, 45 days will pass and the tender will be held in early November," he said.

He added the price will be reduced by "at least three times," while the results of the tender will be approved by the Cabinet of Ministers.

Bilous also said the State Property Fund proposed the Cabinet of Ministers oblige Naftogaz Ukrainy to supply gas to the plant with a deferred payment for launching the plant.

"We plan to launch the plant on October 1. We will launch at least half of the capacity," he said.

According to Bilous, the plant's creditor indebtedness is $303 million.

"Of this, $251 million is the debt to Ostchem [part of Group DF belonging to Dmytro Firtash]. There is the relevant decision of the Stockholm arbitration, which has to be approved by Ukrainian courts. The rest is debts to Naftogaz, Ukrtransgaz and others," Bilous added.

He noted a shortage of working capital at the plant for gas purchases is estimated at UAH 400-500 million.