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6:17 AM Sunday, September 24, 2017
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UBJ AM News: March 24, 2017
The Ivano-Frankivsk region hears some encouraging words from the Energy Ministry, more German involvement in Ukraine is on the way, and the EBRD helps again.
image/svg+xml Kyiv Lutsk Rivne Zhytomyr Lviv Ternopil Khmelnytskyi Uzhgorod Chernivtsi Vinnytsia Chernigiv Sumy Kharkiv Poltava Cherkasy Kirovohrad Lugansk Dnipropetrovsk Donetsk Zaporizhzhia Mykolaiv Odesa Kherson Simferopol Sevastopol Ivano- Frankivsk

Karpatneftekhim, a major petrochemical plant in the Ivano-Frankivsk region city of Kalush, will resume production in May, an Energy Ministry official said at the Ukrainian Gas Investment Forum, Novoe Vremya reported. The plant was recently sold to Ukrainian investors by Russian behemoth Lukoil.

The Rada ratified an agreement with Hungary for a $50 million loan, multiple news outlets reported. The loan will finance investments in infrastructure developments on the Ukraine-Hungary border and other projects that the countries identify.

German business will help to identify those sectors of the economy and production in Ukraine which could become competitive in the European market. This project is titled "Procurement Initiative of German Economy" and was already successfully tested in the Balkans. The program participants will help find the best Ukrainian contractors for German industry.

ProAgro forecasts that Ukraine will produce 28 million tons of corn in the 2016-17 marketing year, up 20 percent from the previous year, Unian reported. Also, exports of corn are predicted to rise 12 percent.

Roshen is putting its Mariupol candy factory and associated assets up for sale, according to Unian. The sale includes the confectionery facility and the land on which it sits as well as assorted other buildings and property. The maximum value of the deal is estimated at $23 million.

Prime Minister Volodymyr Groysman said local budgets' revenue will grow 25 percent this year, Unian reported. He added that thanks to decentralization, local governments have received ample financial resources for the development of their regions and those resources need to be effectively used.

Nikolaev tomato sauce producer Agrofusion will receive a $15 million loan from the European Bank for Reconstruction and Development, Ukrainski Novyny reported. According to the EBRD, the money will go toward expansion of tomato cultivation and processing and irrigation improvements.

The popular German clothing label New Yorker is opening a store in Lviv and becoming the newest anchor tenant at the Victoria Gardens shopping center, Novoe Vremya reported. With an area of 102,000 square meters, Victoria Gardens is the largest mall in western Ukraine. The New Yorker store in Lviv will join the five that Ukraine has now.

Industrial output swung back negative in February after growing more than 5 percent the month before, according to the State Statistics Service. The drop was 4.6 percent without taking into account the shorter month in February, and 1.7 percent when that adjustment is taken into account.

International ratings agency upgraded Ukrainian metals company Metinvest from Caa3 to Caa2.

Iron ore pellets producer Ferrexpo, which has key assets in Ukraine saw net profit rise sixfold in 2016, to $189.2 million, Interfax Ukraine reported. According to a company report on the London Stock Exchange, revenue last year grew 2.6 percent, to $986.3 million.

For comments and news tips, please email UBJ AM editor David Edwards at david.edwards@theubj.com.

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