The Ukrainian President Viktor Yushchenko has stated that Ukraine should negotiate a new agreement with its foreign partners Romania and Slovakia on the issue of the completion of construction of the Soviet-era Krivoy Rog Mining and Processing Works of Oxidized Ore (KGOKOR), the Ukrainian president's press-center has stated in an official release.
The Ukrainian president went on to say that only after Ukraine concludes a new agreement on the issue with Romania and Slovakia, should the country go ahead with the completion of KGOKOR, which may be done either through the creation of a joint venture with the participation of Ukrainian metallurgical companies or through the sale of KGOKOR to investors via open auction, or may be completed by the government itself.
The construction of KGOKOR started during Soviet times, with the main shareholders of the enterprise including Ukraine (56.4 percent), Romania (28 percent), and Slovakia (15.6 percent). In 2006, Romania demanded the return of its investment in the project, while in 2007 Slovakia announced its intention not to participate in the completion of KGOKOR.