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Viterra in talks to sell its infrastructure assets in
Russia
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The company's team in Russia to create new grain exporter
(Adds detail, quotes, context)
LONDON, March 30 (Reuters) - Global grain trader
Viterra's management team in Russia plans to create an
independent Russian grain exporter once the company ceases
export activities in the country, the head of its Russian
office, Nikolai Demyanov, told Reuters on Thursday.
Viterra, part-owned by Switzerland-based mining and trading
giant Glencore , has decided not to continue its
origination and export programmes out of Russia after July 1, it
said in a statement.
"After this decision, our main task is to save jobs and
support the remaining infrastructure. Management plans to
continue its grain export business as a new independent Russian
exporter, aiming to maintain the competitiveness of Russian
grain on the global market and provide the most viable
conditions for Russian producers," Demyanov said.
Russia is the world's largest wheat exporter.
Viterra and sanctions-hit Russian lender VTB share ownership
of a grain terminal in the Black Sea port of Taman. Viterra said
on Thursday that it was assessing options to transfer its
business and assets in Russia to new owners.
"The details and terms of further infrastructure deals are
under discussion," Demyanov said.
"Once all details have been agreed, Viterra's shareholders
and the buyers of the infrastructure assets will apply to the
Russian government commission in charge of foreign investment
for approval of the transactions."
Viterra's announcement comes a day after rival Cargill said
it would take a further step back from the Russian grain market.
Russia's agriculture ministry said in a separate statement
that Viterra's decision will not affect the amount of Russia's
grain exports.
(Reporting by Polina Devitt, Sybille de La Hamaide and Olga
Popova
Editing by David Goodman)
