Chemicals

Ukrainian chemical sector is largely disputed as reliant on gas consumption where import prices are constantly revised upwards. It
concerns most of all the nitrogen fertilizers producers, where the
global price increase has outpaced domestic inputs prices markedly in
2008. As a result, export revenues of domestic fertilizers’ producers
have been up by impressive 72% y-o-y in 7M08.

Ukrainian nitrogen fertilizer manufacturers are divided into three
categories – efficient (Stirol, Odessa Port Plant, Cherkasy Azot,
Rivneazot), in transition (Severodonetsk Azot), and inefficient
(Dniproazot).