Work at the Odesa Portside Plant, Ukraine's biggest ammonia production and transfer company, has stopped.
"Because of the high price of natural gas supplied by the national company Naftohaz Ukrayiny, which does not correlate with the prices of the plant's output on the global market, and considering it is impossible to have the gas supplied by Naftohaz Ukrayiny in 2017 until the existing debt is paid off, the decision was taken to temporarily stop production at the plant," the plant's website reads.
As agreed with the State Property Fund, the plant is looking for a company which would lease its entire complex for a long period of time.
Its long-time board chairman Valeriy Horbatko resigned for health reasons, according to the plant's report to the National Commission for Securities and Stock Market.
The supervisory board accepted Horbatko's resignation on 28 December. He has been in charge of the plant since 1986.