By Michael Haddon
LONDON--Glencore International PLC (GLEN.LN) has teamed up with
Kernel Holding SA (KER.WA), a Ukrainian producer of edible oil, to
buy a Russian grain export terminal, the company said Tuesday.
The terminal in the port of Taman, near the main grain-producing
region in southern Russia, is one of the largest on the country's
Black Sea coast and has a capacity of 3 million metric tons a year,
the companies said.
Glencore said the purchase will enable it to export Russian
grain throughout the year to Europe, the Middle East and Africa.
For its part, Kernel hopes to use the terminal as a platform for
the large-scale deployment of its Russian grain export
business.
Kernel said the terminal, valued at $265 million including
transaction costs, was acquired from EFKO Group, a Russian producer
of edible oil, in a 50-50 joint venture with Renaisco BV, a
Glencore subsidiary. The purchase was financed with a combination
of equity and debt.
Write to Michael Haddon at michael.haddon@dowjones.com
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