Ukraine's Prime Minister Volodymyr Groysman has said the Cabinet of Ministers plans to approve the starting price of Odesa port-side chemical plant proposed by the State Property Fund of Ukraine (SPF).

"We are now looking forward to proposals from the State Property Fund for the next round of the sale of the object. I believe it will be successful," he told reporters at Kyiv International Economic Forum 2016.

According to him, the fact that the plant was not sold at the first auction cannot be considered as a failure, because this just showed that the starting price of the object was overestimated and did not comply with the market realities.

"Now we realize that the price was too high... We will approve the price the SPF proposed as a starting one," Groysman said.

As reported, the State Property Fund scheduled a tender for the sale of 99.567% in Odesa port-side plant with the starting price of UAH 13.175 billion for July this year, but the tender failed due to no bids.