Cabinet resolution No. 386 dated May 18, 2016 approving the conditions for the sale of a state-owned stake in public joint-stock company Odesa Port-Side Plant at an open auction has been published in the Uriadovy Kurier newspaper and taken effect.

Earlier Ukraine's State Property Fund (SPF) said that this allows announcing the tender and hold it in the second part of July.

According to the cabinet resolution, the starting price of 99.567% shares in the plant is set at UAH 13.175 billion or $525.9 million at the current exchange rate. The tender will be held if at least two bidders submit their offers. Companies from Russia are banned from participating in the tender.

The government revoked its resolution of 2008 on the approval of the conditions of the tender that was annulled at the stage signing the agreement with Ihor Kolomoisky's Nortima offered the highest price.

The winner of the tender is to retain the key profile of the plant's operation and not to allow anti-competitive actions in storing and shipping liquid ammonia transported by the ammonia pipeline and rail.

The buyer is to approve a re-equipment and advance technology introduction program before April 1, 2017. The winner is to increase salaries to employees during five years after the tender by a level that is no less than the inflation rate.

The plant is to continue purifying households and industrial sewage, stick to recommendations of the environment audit conducted in summer 2015, agree the issue of additional shares or sale of large stakes until all conditions of the tender are implemented during five years and pay dividends for 2015-2016 until the moment when the state-owned stake is sold.