Bankruptcy of Odesa Port-Side Chemical Plant (OPP) is inadmissible, and the plant must be privatized, Ukrainian President Petro Poroshenko has said.

The opportunities and terms of the privatization could be assessed this autumn, he said.

"As for the Odesa Port-Side Plant, I think that its bankruptcy is inadmissible. I think that the government would take sufficient measures not to allow its bankruptcy, including negotiations and legal proceedings outside Ukraine," Poroshenko said at a press conference in Kyiv on Sunday.

The president said that the plant must be privatized. This would result in the liquidation of a potential source of corruption, he said.

"I hope that a new candidate [for the head] of the State Property Fund will be proposed. A new advisor will be invited and in autumn we will be able to have the unambiguous clarity about the pace and terms of the privatization of OPP," Poroshenko said.