trademaster.ua
Ukraine's state-owned enterprise Ukrspyrt, which holds a monopoly on the Ukrainian alcohol market, plans to launch exports of vodka of its own production to Germany soon, according to the company's press service.
"Now the main task of our company is to restore its export potential, and the vodka of TM Starozhytnia is the first important step in that direction. This is the first vodka of state production that is entering the European market," the press service quoted Ukrspyrt acting head Yuriy Luchechko as saying.
As reported, at present the enterprise prepares the first batch of vodka for shipment abroad.
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As UNIAN reported, according to President of Ukrainian League of Industrialists and Entrepreneurs (ULIE) Anatoliy Kinakh, Ukrspyrt's Ukrainian distilleries reduced alcohol output by 66.7%, to about 11 million decaliters over the past decade, while alcohol exports decreased by 90%, to 1.2 million decaliters.
In 2016, Ukrspyrt received UAH 97.1 million in net profit against UAH 84 million in net loss in 2015. At the same time, the value of goods produced by the enterprise in 2016 rose by UAH 39.8 million from 2015, to UAH 1.822 billion.
Ukrspyrt is a monopoly producer on the Ukrainian market of alcoholic beverages. Reducing monopolization of the alcohol industry is one of the requirements of Ukraine's key creditor, the International Monetary Fund.
Ukrspyrt, which is worth an estimated $200-400 million, remains on the list of enterprises banned from privatization.
In early May 2016, the Cabinet initiated the exclusion of the state-run company from the said list, the move yet to be approved by the Vekhovna Rada. However, the parliament has not yet decided on the issue. The approximate revenue from the company's privatization will amount to about UAH 5-6 billion, while shadow alcohol turnover is expected to shrink to 10% from the current 46%.
State-run Ukrspyrt was established on the basis of Ukrspyrt concern in 2010. It was supposed to include 76 distilleries. However, only 41 plants have been transferred to the enterprise so far.