BLOG

Russia's VTB buys 50% of Taman grain terminal from Kernel

14 April 20202 min reading

Russian state-controlled VTB bank, which has been expanding its grain business, has bought a half of the Taman grain terminal in the Russian part of the Black Sea from Ukraine's Kernel, it said. Global trade giant Glencore, which owns the other half of the terminal, remains VTB's partner in it, VTB added. Russia is the world's largest wheat exporter, which has only a limited number of grain terminals in deep-water ports. Taman is one of the key terminals. Kernel sold the stake for 61 million euros ($65 million) paid in cash, it said in its statement. It has not been involved in grain marketing in Russia since 2017, assigning its transshipment quota in the terminal to Glencore. VTB, Russia's second-largest lender, which aims to become a national grains champion, became the largest operator of Russia's grain export infrastructure and a grain trader after a series of acquisitions in 2019. "As part of VTB's grain market strategy, the deal will allow us to achieve significant synergies with VTB Group's existing assets in infrastructure, logistics and grain export," Yuri Soloviev, VTB's first deputy chief executive, said in the statement. VTB has been also looking at other options to expand grain export capacity in the Russian part of the Black and Azov Seas. REUTERS

Articles in News Category
13 May 20215 min reading

IFPRI report finds lessons from COVID crisis for enhancing resilience of food systems

The severe health and economic impacts of the COVID-19 pandemic have disrupted food systems and u...

23 January 20202 min reading

LDC appoints new CFO in latest management reshuffle

Patrick Treuer Louis Dreyfus Company (LDC) announced the appointment of Patrick Treuer as Chief F...

14 December 20172 min reading

Mahsum Altunkaya; "We Achieved 2017 Targets In Cereal And pulses Exports"

In the Jan-Oct period of this year, 1 billion 688 million 108 thousand dollars of grains, legumes, ...