ERU Management, a USA subsidiary of ERU Group, will deliver up to 60 million cubic meters of natural gas per month to Odessa Port Plant and will serve as an off-taker for ammonia and urea. Energy Resources of Ukraine has committed over $20 million in credit support arrangements to restart the operations of the plant by financing the deliveries of natural gas in March.
Dale Perry, Managing Partner of ERU Management, has stated: “Over the last three month, ERU team has diligently worked on our response to the public requests for proposals issued by Odessa Port Plant and State Property Fund of Ukraine. We take great pride in our team’s ability to structure a commercial proposal that allowed the key industrial enterprise of Ukraine to restart and resume it’s operations in this challenging market environment”.
Yaroslav Mudryy, Managing Partner of ERU Trading, added: “ERU Trading views our cooperation with Odessa Port Plant as a key strategic undertaking that allows us to not only expand our core competency of delivering affordable natural gas to the industrial customers of Ukraine, but also to expand our portfolio of traded goods to include fertilizer for Ukrainian and international markets”.
Sergey Nazarenko, the acting General Director of Odessa Port Plant, has stated that: “We welcome an opportunity to restart the operation of our plant. We are committed to pursuing all opportunities to ensure the economic viability of our plant and continued employment of over 4000 professionals dedicated to the successful operations of the stalwart of Ukrainian fertilizer industry.
Igor Bilous, Head of State property Fund of Ukraine, added: “Cooperation between Odessa Port Plant and Energy Resources of Ukraine helps ensure the continued viability and attractiveness of the plant to international investors in the forthcoming privatization”.
Energy Resources of Ukraine, and its subsidiary ERU Trading, is the leading natural gas trader in Ukraine that has delivered over 1.5 billion cubic meters of gas to Ukrainian industrial consumers. Energy Resources of Ukraine is a USA investor in the energy sector of Ukraine and is owned and managed by Andrew Favorov, Yaroslav Mudryy and Dale Perry.
Odessa Port Plant is a leading international producer of ammonia and urea. The plant has design capacity of two ammonia production units with capacity of 450 000 MT/year each and two urea production units with a design capacity of 330 000 MT/year each.