rss icon Subscribe
desktop mobile

COFCO in Talks to Buy Stake in Russian Port Grain Terminal

© Budimir Jevtic / Adobe Stock

By Olga Popova and Gleb Stolyarov

Top Chinese grain trader COFCO is in talks about buying a shareholding in a grain export terminal in the Russian port of Novorossiysk as part of its expansion in Europe, sources said on Friday.

COFCO is understood to be in talks about buying a shareholding of about 25% in the KSK deep water grain terminal in Novorossiysk, three sources said.

Talks are being held with the terminal owner, Russian company Deloports Ltd. Deloports declined comment.

The COFCO group in China was unavailable for immediate comment. A COFCO International spokesman in Switzerland declined to comment.

"Such a deal could give COFCO greater capability to export Russian grain in large volumes to the big Middle Eastern markets," one source said.

'"Novorossiysk is especially important for wheat exports to Egypt."

COFCO has greatly expanded its European grain trading presence in past years, taking over Dutch trader Nidera in 2017 and building up a major European trading hub.

(Reporting by Olga Popova and Gleb Stolyarov in Moscow and Michael Hogan in Hamburg, additional reporting by Gus Trompiz in Paris; editing by David Evans)

Jun 14, 2019

 

People & Company News

McDermott JV Bags Arctic LNG-2 Deal

Image: Mcdermott Wuchuan

Engineering services firm McDermott International announced that its joint venture Qingdao

DryShips Installs Scrubbers on 7 Vessels

Pic: DryShips

Greek diversified owner and operator of ocean going cargo vessels DryShips announced that further

ARC to Christen 3 Vessels on Friday

Image: American Roll-on Roll-off Carrier

American Roll-on Roll-off Carrier (ARC) will christen the ARC Resolve, ARC Integrity and the ARC

Ports

GPA Plans Savannah Port Capacity Expansion

The Port of Savannah, Georgia, US: major expansion plans announced by the Georgia Ports Authority. (Photo: GPA)

The Georgia Ports Authority (GPA) has plans for a new container port on Hutchinson Island to

GPA to Double Capacity, Draws $5Bln Investment

Pic: Georgia Ports Authority

The Georgia Ports Authority (GPA) has revealed plans to double capacity at Garden City Terminal to

Oakland Port Refrigerated Exports Jump 20%

Pic: Port of Oakland

The Port of Oakland’s refrigerated exports have jumped 20% in past year. The Port said it handled

Maritime Apps