The Ukrainian government has given the go-ahead for the expansion of Odessa, Yuzhny and Illichevsk into additional land areas.
Odessa has already submitted its new investment plan to the Ministry of Transport and Communications encompassing a new deep water container terminal capable of accommodating ships drawing up to 15 metres of water. The port has agreed to finance around half the $250m cost of the terminal, with matching finance to be provided by a private investor. The GPK-Ukraine joint-venture, bringing together Ukrainian and German investors, has declined to find all the cost of the infrastructure required. In total, Odessa plans to implement 11 projects costing $1bn by 2015. Ukrainian officials have also confirmed that tariffs charged by its ports are to be revised to bring them in line with those of rivals Constantza and Novorossiysk. This will make them more competitive with their Russian and Romanian rivals. Meanwhile, trhe Ukrainian President, Viktor Yushchenko, has stepped in to stop privatisation of Odessa Port Plant OJSC. Attempts to complete this sell off have been ongoing since 1994, with the last valuation pegged at $524.5m.
