26 February 2018 The Business Week Week 7

Ukraine will ‘aggressively’ privatize and make ‘seismic changes’ in corporate governance www.ukraineinvest.com Ukraine will ‘aggressively’ privatize and twice the inflation rate of 13.7%, Maksym make ‘seismic changes’ in corporate Martyniuk, first deputy minister of Agrarian governance of state companies this year, Policy and Food reports. The cost of Prime Minister Groysman promised in an leasing state land went up 24%. The opinion essay in Tuesday’s Wall Street most expensive land was in Cherkasy Journal. Addressing foreign investors, and Poltava, where it cost about $100 a he writes: “To catch up with the leading hectare a year. The cheapest land was in The Business countries in our region, we need to Zakarpattia, a hilly, rocky region where a Week is written grow twice as fast as the average—at field can be rented for $29 a hectare. In and produced by James Brooke, least 5% to 7% per year…Ukraine has Mykolaiv and Kherson, southern regions Editor in Chief attractive investment opportunities with light rainfall, rents were also low – of the Ukraine in many industries such as agri-food, about $31 a hectare. Business Journal for and on behalf manufacturing, energy, transport and new Ukraine produced 6.5% more sugar than of UkraineInvest technologies.” one year ago, Ukrtsukor, the producers association, reported Tuesday at the end Agriculture of the nearly six month refining season. Ukraine Business Journal Working with sugar beets, 46 refineries Drones monitor about 10% of Ukraine’s produced 2.1 million tons of sugar. Three farmland, DroneUA co-founder Valery regions produced half the nation’s sugar: Yakovenko estimated recently at Vinnytsia, Khmelnytsky and Ternopil. The AgriTech in Ukraine and the World. top importers of Ukraine’s sugar last year At the conference, Oleg Bakhmatyuk, were: Sri Lanka, Turkey, Azerbaijan, Sudan owner of Ukrlandfarming, told Interfax and Libya. that he is experimenting with drones on his agroholding’s land bank of 570,000 Orbis Asset Management of San hectares. He said drone prices should go Francisco intends to invest $30 million down, from $1,000 today, to $300 by 2023. in Imperia-Agro, a KryvyiRih manufacturer When that happens, he said, drones will and distributor of seeds, plant protection become common in farming. agents, and mineral fertilizers. YuryOtsbrik, founder and CEO of Imperia-Agro, said: Ukraine was the fourth largest source “We intend to create a national leader in of imported food for the EU last year, lending and financial services for the small according to the European Commission. and medium-sized farmer in Ukraine.» The ranking was Brazil (EUR 11.8 billion), From the US, Orbis CEO Vincent Ordonnyu the USA (EUR 11.0 billion), Argentina (EUR said: «We believe that Ukraine today is the 5.7 billion), and Ukraine (EUR 4.7 billion) most attractive market for investment in The average cost of leasing private the agricultural sector.” farmland rose 25% last year, almost 7 / 2

Crop receipts, a pre-harvest financial Horizon reports: “As a result of this instrument allowing farmers to use future successful public launch, Horizon Capital, harvests as collateral, will inject up to on behalf of its fund EEGF II, has sold a $520 million in credit into Ukraine’s small- 40.9% stake in Purcari, realizing a 3.2 times scale farm sector through 2020, predicts gross cash-on-cash return on the sale the World Bank’s International Finance of these shares.” Horizon retains 22.7% Corporation. A pilot project for one tenth stake in the winery, which has operations in that amount used 200 crop receipts as Moldova and Romania. collateral in eight regions in 2016 and 2017. Privat Bank plans to increase lending to IFC has worked with Ukraine’s government small businesses this year by two thirds to develop necessary legislation and to over last year, to $178 million, the bank create a registry to track crop receipts says in a press release. With more and easily and transparently. Switzerland’s www.ukraineinvest.com more Ukrainians opening small businesses, State Secretariat for Economic Affairs the bank, Ukraine’s largest, says that it provides financial support for the project. added 76,000 new small business clients Jason Pellmar, IFC’s Ukraine head, says: last year. “Our aim is to encourage more private investment to unlock [agricultural] After an IMF team spent last week here, potential, expanding access to finance for Resident Representative GoestaLjungman smaller farmers and fostering innovation in released a statement Monday: “It is the farming sector.” now important that the authorities move expeditiously with parliamentary Banking & Finance consideration of the draft law on the anticorruption court, while ensuring OPIC has signed a deal to insure $250 that the necessary amendments are million in fixed-rate bond securities adopted during the parliamentary issued in US capital markets for a major process to make the approved law fully Ukraine project. Because of this insurance, consistent with program commitments Moodys rates the bonds Aa2, well above and the recommendations of the Venice the government of Ukraine’s Caa2 rating. Commission of the Council of Europe.” The money raised will go to building a Timothy Ash writes: “I sense this anti- Central Spent Fuel Storage Facility at corruption legislation is the deal breaker the Chernobyl site. This storage facility for the IMF, and also for the Poroshenko will ultimately save Ukraine “hundreds of Administration…It looks like the IMF millions of dollars” now spent on storage program will remain off track for some in Russia, says Energoatom, Ukraine’s time, and the Minister of Finance will nuclear power plant operator. Following have to decide whether it tries to come to Overseas Private Investment Corporation market before then, to get some cash in guidelines, the project will generate $225 the bank.” million of procurement of US-made goods and services. Holtec International of New Horizon Capital plans to invest $100 to Jersey, will supply storage casks, other 200 million in Ukraine over the next five equipment and training to the project over years, Lenna Koszarny, founding partner five years. and CEO of the private equity and venture

capital firm, told the weekly Biznes. Horizon Horizon Capital, the Kyiv-based private Capital manages four private equity funds, equity firm, has guided one of its with more than $700 million invested in investments, Purcari Wineries PLC of Ukraine and Moldova. Moldova, through an IPO on the Bucharest Stock Exchange. Investors oversubscribed Prime Minister Groysman promised an the offering more than four times over. international conference Tuesday that his 7 / 3 government will keep working with the weapons to NATO standard. In September, IMF, Ukrinform reports. He said: «We will Defense Minister StepanPoltorak continue to cooperate with the IMF. We will talked with Canadian Defense Minister support macrofinancial stability, attract Harjit Sajjan about Canada building an investment and increase exports.» ammunition plant in Ukraine. Ukraine’s state railway may seek to raise The number of registered unemployed as much as $1 billion on international people dropped by 50,000 in January, to debt markets this year to refinance its loan 378,900, according to the State Statistics portfolio and replace aging rolling stock Service. Officially, the unemployment and rail lines, the company’s acting chief rate is 1.4% and there are 1 million job executive officer YevhenKravtsov tells vacancies. With signs in the Kyiv metro Bloomberg. Ukrzaliznytsya plans to more offering Ecolines bus tickets to Poland for than double capital investments this year, $15, many unemployed people now travel buying new locomotives and wagons for to the EU for temporary jobs. cargo and grain hoppers to replace older Exports to Europe grew by 21%, machinery. outstripping Ukraine’s global export Danish Foreign Minister Anders increase of 16%, Prime Minister Groysman Samuelsen announced in Kyiv on reports. In a sharp turn around from earlier Wednesday €65 million in aid to Ukraine dependence on Russia, EU countries under the Danish Neighborhood Program. bought 40.5% of Ukraine’s exports last Funding projects in human rights, year, or $20 billion. democracy and sustainable economic The White House squarely blames Russia growth, the Program is reserved for two for last summer’s “Not Petya” cyber countries, Ukraine and Georgia. On June attack on businesses. The short statement 27, Copenhagen will host the second reads: “In June 2017, the Russian military international conference on reforms in launched the most destructive and costly Ukraine. The first was held last year in cyber-attack in history. The attack, dubbed London. “NotPetya,” quickly spread worldwide, Last year, nearly $1 billion worth foreign causing billions of dollars in damage aid projects were implemented or agreed across Europe, Asia, and the Americas. It upon in Ukraine, reports the Economic was part of the Kremlin’s ongoing effort to Development and Trade Ministry. Of destabilize Ukraine and demonstrates ever the 453 foreign aid projects that were more clearly Russia’s involvement in the implemented, the largest donors were the ongoing conflict. This was also a reckless US -- $370 million -- and the EU -- $310 and indiscriminate cyber-attack that will be million. met with international consequences.” Business President Poroshenko is expected sign a new law on limited liability companies Colt Canada, the main supplier of small that designed to modernize and streamline arms to Canadian Forces, is chasing a procedures for half a million companies, deal that could see Ukraine order up to or about 43% of all business entities in 100,000 rifles, The Ottawa Citizen reports. Ukraine. The new law allows for debt to In December, Canada’s government equity conversion, the practice of corporate changed Canada’s arms export rules to deals, the use of corporate liability rights allow the sale of automatic weapons and as collateral for loans, and introduces other small arms to Ukraine. In January, supervisory boards to Ukrainian private representatives of Colt travelled from their companies. YuliaKovaliv, head of the Office Kitchener, Ontario headquarters to Kyiv of the National Investment Council, writes to discuss a sale. Ukraine is upgrading its in the Kyiv Post: “Now there is less chance 7 / 4

for anybody to illegally gain control over of our success. We need to fight for proper companies, appropriate their assets or business conditions….We must protect block operational activities if there is a those who create jobs and invest in the dispute with one of the co-owners.” economy.” Kyiv’s hotel industry has bounced back About 65 Ukrainian producers attended strongly, with revenue per available room Gulfood 2018, an event in Dubai billed growing by 20% last year. This was as “the world’s largest annual food trade Europe’s third highest growth rate, lower show.” About half of the Ukrainians only than Bucharest at 21% and Lisbon showed their products:“oil, flour, pasta, at 22%. Kyiv’s 50.9% occupancy rate is bread and flour products, sweets, cereals back to the pre-crisis level of 2013, Dennis and legumes, seeds and nuts, grains, Spitra, director of business development eggs, sauces and tomato paste, dairy www.ukraineinvest.com at STR Global, told the International and meat products, prepared foods and Hospitality Conference in Kyiv on Saturday. food additives,” reports the press service

of Ukraine’s Economic Development and Avangard, Ukraine’s largest egg producer, Trade Ministry. The other half came to find plans to double egg exports by 2023, foreign partners and to learn about new Oleg Bakhmatyuk, the owner, tells Interfax- markets, says Trade Representative Natalia Ukraine. Over the last five years, the Mykolska. export portion of Avangard egg sales has grown from 18% to 40% today. Last Over 90% percent of cybersecurity chiefs year, the company added six more export at big companies in Ukraine plan to destinations, including Hong Kong, more increase spending to protect from hacker for a total more than 40. attacks, according to a survey conducted

by Ernst & Young Global Ltd. Three A Chinese company, Beijing Electric quarters of the security chiefs said their Power Automatic, is negotiating a joint company should increase spending on venture with VEEM-Metallavtoprom to cyber protection by 50% or more. produce electric buses in Stryi, one hour south of Lviv. Representatives of the The first Israeli Ukrainian Innovation Expo Ukrainian company have visited China and will take place March 18-19 in Tel Aviv’s last week the Chinese visited Lviv. Using TASEConferenceCenter. The goal is to bring Chinese designs, the buses would be together entrepreneurs, innovators, angel produced at an existing factory, StryiAvto investors, venture capitalists and many TDV, the news site zaxid.net reports. others involved in developing startups in

Israel and Ukraine. The organizers are the Smartphone usage by lifecell’s 8 million Israeli-Ukrainian Alliance and theneo.vc, a SIM card users hit 68% at the end of the venture capital fund focused on Ukrainian year, the company reports. The Turkish- startups. owned mobile operator, ranked three in Ukraine,saw its active subscriber base President Petro Poroshenko has shrink by 13%. After recording a profit in appointed PavloBukin, CEO of 2016, it recorded a $19 million loss last Ukrspecexport, to run Ukroboronprom, the year. country’s state run manufacturer of military hardware and weapons. At the same Calling for economic growth of 5%, Prime time, the President wrote on Facebook, Minister Groysman told local TV that Ukroboronprom will become Ukraine’s corrupt officials who block businesses first state-owned industrial association to are “enemies of the state.” Groysman, be audited by an international audit firm. who has run businesses in his home city Last year, Ukroboronprom reported $55 of Vinnytsia, said: «I regard all those who million in profit on $1 billion in sales. To are trying to spoil business development help cut corruption at the arms maker, opportunities the enemies of the state and 7 / 5 the Cabinet of Ministers appointed last turn Ukrainian garbage into energy, Sergei month an American, Anthony Teter, Savchuk, chairman of the State Energy to the Ukroboronprom supervisory Efficiency agency said after meeting a board. A US Army veteran and former company delegation in Kyiv. Suez has built Director of Advanced Defense Research large waste processing plants in Belgrade, Projects Agency, Teter has implemented Serbia and in Poznan, Poland. In Ukraine, management projects in Ukraine’s military biogas stations can sell electricity at an industrial complex since 2016. advantageous «green» tariff, currently 12.4 euro cents / kWh. Adjusted for inflation, retail sales in January were up almost 10%, compared to French company Global EcoPower SA is January 2016, the State Statistics Service to build a 20MW solar power station in reports. Retail sales were $2.5 billion. Khoroshiv, Zhytomyr region, according By region, the biggest increases were to Philippe Perret, a company director, in: Zakarpattia -- 21.8%; Sumy -- 13.9%; and Igor Gundich, head of regional Cherkassy -- 13.8%; Chernihiv -- 12.4%; administration. Since December, Zhytomyr Mykolaiv --12.1%; and Vinnytsya -- 12%. has announced three solar power The lowest increase was in Rivne -- 3.6%. investments, totalling 65MW and $60 No region recorded a sales decrease. million.

The average meat basket cost 40% Germany and Poland diverged sharply more at the end of January, compared Friday on Russia’s Nord Stream 2 pipeline, to the same time one year ago, Alexei a pipe to deliver Russian gas directly to the Doroshenko, director of the Ukrainian EU without going through Ukraine. German Association of Suppliers of Retail Chains, energy groups Uniper and Wintershall, writes on his Facebook page. This price Austria’s OMV, Anglo-Dutch group Shell increase is almost triple January’s and France’s Engie are investing in the year over year inflation rate of 14.1%. 1,225 km pipeline. Reason include: reduced supply due to In 2020, when Russia’s Nord Stream 2 is increased exports and great demand due to be in full operation, Ukraine must pump to increased in salaries, pensions and a minimum of 50 billion cubic meters a remittances from workers in the EU. year to make enough money to maintain the massive east-west pipeline system, Commodities calculates VolodymyrOmelchenko, energy director at Razumkov Center, the Kyiv think Blocked from buying coal and coke from tank. Last year, Ukraine only used 28 billion Ukraine’s separatist controlled corner, cubic meters. Naftogaz says that tariffs ArcelorMittal is buying these raw materials for natural gas transit through Ukraine for steel production from Russia, Girish in 2020 will be three to four times lower Sardana, the company’s chief procurement than tariffs of Nord Stream-2, Russia’s officer, tells Metalurg news site. Despite Baltic route. Starting today, the Cabinet delays with Ukrainian Railways supplying starts interviewing potential foreign locomotives and wagons, the KryvyiRih partners for managing Ukraine’s GTS, mills were able to work at full capacity or gas transmission system. German last year, hitting a record level of steel Chancellor Angela Merkel said at a Berlin production -- 7 million tons. press conference: “We think this is an economic project. We are also for energy Energy diversification. We also want Ukraine to continue to have transit gas traffic, but we French company Suez Environment is to believe Nord Stream poses no danger to prepare financial models for projects to diversification.” 7 / 6

“More than a dozen world-famous Sweden $164 million for essentially the companies have declared their desire” same fuel. Ukraine is gradually reducing to participate in the modernization and Russia’s portion, from 69% last year to 45% management of Ukraine’s massive, this year, Energy Minister Igor Nasalik said East-West gas transmission system, recently. or GTS, President Poroshenko told research projects in Ukrainian universities. reporters Saturday at the Munich Infrastructure Security Conference. Vice-Prime Minister VolodymyrKistiona chairs a working group The EU will partially finance construction to select a foreign company partner to of the Gdansk-Odesa ‘Go Highway,’ jointly operate the GTS with Naftogaz. The Infrastructure Minister VolodymyrOmelyan choice is to be made by this fall. said after meeting Tuesday in Kyiv with Henrik Hololei, the European Commission’s www.ukraineinvest.com Centrenergo, the state run power Director-General for Transport. Omelyan company, paid an average of $100 per said: «Today we have learned that one of ton for the 410,000 tons of anthracite the financial instruments of the European coal it imported from the US last year, Oleg Union is ready to finance a part of Go Kozemko, the company CEO, tells Reuters. Highway project to connect the Baltic Sea After Ukraine decided to boycott coal from and the Black Sea.” Ukraine is spending separatist-controlled mines, it signed a $140 million on the highway this year. 700,000-ton supply deal with Xcoal of Pennsylvania. Kozemko said Centrenergo Tenders for Ukraine’s first modern toll now is negotiating with Xcoal on supplies roads are to be launched by the end of of bituminous coal, a poorer quality variety. this year, Infrastructure Minister Vladimir Omelyan told reporters Tuesday. He said Coal production in Ukraine was down the most likely toll road candidates are: 27.3% in January, compared to one from Kyiv’s ring road to BilaTserkva, the year ago. The drop represents almost first, highly congested 75 km stretch of the entirely production from three mines in highway to Odesa; and Lviv to Krakovets, separatist areas that were counted last Ukraine’s busiest border crossing with year: Sverdlovantratsit, Rovenyanthrazit, Poland. and KomsomoletsDonbassa. When those mines are excluded from statistics, the In April, Sinohydro Corp, a Chinese country’s coal output in January was down construction company will start work by only 3.2% compared to January 2017. building a 23 km concrete highway bypass around Zhytomyr, Infrastructure Minister Over the next five years, Ukraine wants VolodymyrOmelyan reports. Construction to cut gas consumption by five billion of the four-lane, $50 million highway will cubic meters, or 18%, by expanding use involve building four bridges and four of biomass, according to SerhiySavchuk, interchanges. Road work will parallel – and head of Agency on Energy Efficiency. in some cases overlap – the existing E-40 Over the last four years, Ukraine cuts gas highway, the main road between Kyiv and consumption by six billion cubic meters. Lviv. That was largely due to loss of population and heavy industry in the east and use of Privatization energy saving technology elsewhere. Now, to replace gas, the government promotes Prykarpattia, a state-owned health resort burning biomass – crop residues and bark in the Carpathian mountain town of and branches from logging operations. Yaremche is to be auctioned off on March Last year, Ukraine paid Russia $369 12, with an asking price of $1.9 million. The million for fuel for its 15 nuclear power buyer must reopen the resort within one plants. At the same time Energoatom paid year. A historic resort town, Yaremche is a one hour drive south of Ivano-Frankivsk. 7 / 7

Real Estate rockets into space this year, Space Flight Now reports. In May and November, RD- As consumer spending picks up, the 181 engines from Dnipro’s Yuzmash will warehouse market tightens around Kyiv, launch Antares Orbital ATK satellite carrier responsible for about one third of spending rockets from NASA’s Wallops Flight Facility in Ukraine. A survey by Pickard Real Estate in Virginia. In September, a Yuzmash RD- & Asset Services reports: “ The warehouse 843 engine will launch the fourth stage of a market around Kyiv has only less than Vega rocket, fired from the European Space 2% vacancy level currently, and even this Agency’s space center in Kourou, French space is under serious negotiations…. With Guiana. brown field land sites still at historic lows Travel and sites available and construction costs still low, now should be the time to invest Ukraine is drawing nearer to visa-free in warehousing. Rent levels are sure to regime with South Korea, Interior Minister increase as will yields.” ArsenAvakov posts on his Facebook page from Seoul. He wrote: «Do we need A new shopping center is to be built the visa-free regime with the 11th world in Lviv, on a one hectare site next door economy? The question is rhetorical! I am to Aquapark Plyazh, 5 km southwest of very glad that we have managed to come Market Square, Zaxid.net news site reports. close to an agreement on this issue.» A On the west side of Princess Olga Street, visa-free regime might prompt Ukraine a busy divided boulevard, the location is International Airlines to start service from near several other shopping complexes. Kyiv Boryspil to Seoul Incheon. Consumption is driven by the city’s booming tourism and tech industry, both Ukraine’s new visa on arrival policy for dollar-denominated. India and China resulted in a 40% increase Kyiv’s office vacancy rate dropped sharply in tourists last year from these countries, last year, from 19.3% to 13.2%, real estate Anton Taranenko, head of the Tourism for consultancy JLL reports. Kyiv’s vacancy KyivCity, posted on his Facebook page. He rate now is below Moscow’s 13.8% and said: “These countries are our priority in Helsinki’s 14.1%. Last year, 200,000 square attracting tourists for 2018.” To this end, meters of office space was rented, 11% Ukraine is starting an internet-based e-visa more than in 2016. Net absorption was system. Also VHS Global visa centers in 22% higher than in 2016 and the highest Delhi and Beijing can now issue Ukrainian visas for $65. in a decade. Although office rents did not move last year, JLL predicts they will go up Tourism to Odesa Region jumped by 3 to 5% this year. Rents will be pushed by 43% last year, to 5.7 million people, increasing demand, and a low level of new SvitlanaShatalova, deputy head of Odesa supply. This year, 40,000 square meters will regional administration, tells Ukrinform. To enter the market, 10% less than last year. diversify tourism away from the Black Sea Science& IT coast, Shatalova plans to establish a rural and ecological tourism center in Tarutyne, Eighteen Ukrainian information a district bordering Moldova, four hours by technology companies won spots on the car from Odesa city. International Association of Outsourcing Professionals annual list of top tech firms, Transportation The Global Outsourcing 100. Marking a steady progression, the 18 are up from 13 Azerbaijan’s SOCAR Energy Ukraine plans last year, which were up from 10 in 2015. to launch five new facilities in Ukraine this year, the company tell Azernews. After Ukrainian engines will power three 7 / 8

doubling LPG sales last year, the company Separately, Minister of Infrastructure wants to install LPG dispensers at its 59 Vladimir Omelyan at a press conference in gas stations. The state company, a major Kiev that there would not be a reduction in provider of oil to Ukraine, wants to get the number of Ryanair flights to Ukraine. in on Ukraine’s aviation boom by selling aviation fuel. A SOCAR official said: “We By December, a train to the plane will see great prospects for development in take travellers from Kyiv’s central rail Ukraine.” station to Boryspil International Airport in 35 minutes, Prime Minister Groysman When roadwork season starts next promised after winning Cabinet Ministry month, the Infrastructure Ministry intends approval Friday for the $30 million project. to start repairing 4,000 km of roads this At present, taxis also can make the 35 year, according to Infrastructure Minister km ride in 35 minutes. But bottlenecks www.ukraineinvest.com VolodymyrOmelyan. Including international form unpredictably at the DniproRiver aid, this year’s road repair budget is a bridges. Designed to carry almost 3 million record $2 billion. passengers a year, the train could replace Trains to Russia were the most profitable 1,000 car and 30 bus trips per day. lines for Ukraine’s state railroad last year. Kyiv-Moscow, with 11 cars and Traffic accidents killed 3,432 people and 77% occupancy, earned Ukrzaliznytsya injured 38,109last year. Aiming to cut the most - $5.7 million. Odesa-Moscow, fatalities by half by 2020, the Infrastructure with 10 cars and 89% occupancy, came Ministry is spending $75 million this year in second, earning $3.6 million profit. In on a National Road Safety Program. fifth place was Kyiv-St. Petersburg, with UIA has taken delivery of the first of four 11 cars, 65% occupancy and $740,000 Boeing 777-200ERs that are to arrive by profit. Also profitable were: Khmelnytsky- September. The long haul jets will be used Moscow, Lviv-Moscow, Kovel-Moscow, on the airline’s existing routes from Kyiv to and Kharkiv-Moscow. Ukraine and Russia New York, Bangkok and Beijing and on its cut off air service in October 2015. Since new routes to Toronto and New Delhi. The then, nationalist politicians have called for jets seat 361 passengers and offer wifi. ending train service. But Ukraine’s railroad lost $130 million last year on passengers a An ‘Open Skies’ agreement with the loss that was compensated by freight. EU can only be signed after a Brexit, Infrastructure Minister Omelyan wrote Ryanair board member Juliusz Komorek on Facebook after a meeting in Kyiv with confirmed Thursday that the discount visiting EU Transport officials. Open Skies, airline will fly to Ukraine this fall. «This or a common aviation space between the is a real date. I hope this would happen,» EU and Ukraine, would enable Ukrainian he told Poland’s Fly4free publication. and European airlines to operate freely in Komorek, a Pole, said the flights would the airspace of the EU and Ukraine. not be the same as announced last year, adding: «There will be some changes in this timetable. But the flights from Ukraine to Poland will be definitely launched.»

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