Cargill Sells Stake in Russian Grain Terminal to Local Company
Cargill Inc. is selling a 25% stake in a grain terminal on Russia’s Black Sea to local company Delo Group.
The sale of the stake in the KSK grain terminal in Novorossiysk comes after the trader pledged in March to halt purchases for export in the country from July. International traders Viterra and Louis Dreyfus also exited the Russian grain export market in quick succession earlier this year, after local officials and influential industry voices called for foreign influence in grain trade to be limited.
“The sale is contingent on Russian Government approval and does not affect any other Cargill operations in the country,” a spokesperson for Cargill said.
“The documents on the deal are under consideration by the Government Commission on Monitoring Foreign Investment. We expect the review to take no more than a month,” said a Delo Group representative.
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