The Ukrainian government has approved the conditions for the sale of a 78.3% stake in the nation's leading power generating company Centrenergo.

According to the cabinet's document, the conditions provide for the payment of dividends to the national budget in the amount of 30% of net profit for 2018 by Centrenergo, while the draft resolution contained the text on the payment of dividends in accordance with the standard approved by the government, which in 2017 was 75%, and 2016 - 50%, Interfax news agency reported on October 23.

Earlier, the Ukrainian cabinet approved a starting price for the sale of the 78.3% stake in Centrenergo of UAH5.98bn ($210mn). The Ukrainian authorities will attempt to privatise the company in late November-early December.

However, there are growing worries in Kyiv that a privatisation tender of what Kyiv has branded as a jewel in the crown of state assets seems to have been reduced to a farce, with the transfer of the company to a businessman who has close ties with Petro Poroshenko's team.

The resolution also includes a recommendation to use coal produced in Ukrainian mines with full identity of the cost and quality characteristics with coal of foreign origin was also added to the obligations of the winner of the tender.

At the same time, while maintaining in the text of the resolution the obligation of the buyer to ensure full and timely payment of taxes, fees and customs duties to the budget, the clause "payments for energy in full and in accordance with the concluded agreements" has been removed from the published version.

The resolution also does not contain a clause on the fulfilment of the requirements of the National Plan for the reduction of waste from large coal-burning units, whereas in the draft document this condition was present.