Croatian Deputy Prime Minister Damir Polancec has met with representatives from the country's five state-owned shipyards to agree on terms of the privatisation.
Bidding for 3 Maj, Kraljevica, Brodotrogir, Uljanik and Brodosplit shipyards is due to start in mid to late November.
Mr Polancec said that there would be a final round of negotiations before the final bidding announcement was made. He added that while the global financial crisis was a factor that could not be ignored, the situation of Croatia's yards has gotten so bad that it would be a mistake to prolong the privatisation process. The only profitable yard amongst the five is Uljanik.
The restructuring and privatisation of Croatia's state-owned yards is necessary in order for Croatia to gain membership to the European Union.
