Miller Magazine Issue: 124 April 2020

45 NEWS MILLER / APRIL 2020 Russia's VTB buys 50% of Taman grain terminal from Kernel Serbia becomes member of IGC 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 invol- ved 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 be- come a national grains champion, became the largest operator of Russia's grain export infrastructure and a gra- in 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 Further to the application received from the Repub- lic of Serbia to accede to the Grains Trade, Conven- tion, 1995 (GTC), the International Grains Council (IGC) confirmed that members have agreed to Serbia’s accession with ef- fect from Wednesday 1 April 2020. “The Council warmly welcomes the Republic of Serbia’s membership. Its participation will help strengthen in- ternational cooperation in grains tra- de,” IGC said in a statement. During the 2019/20 marketing year, the Republic of Serbia produced around 7.5m t. of maize and 2.5m t. of wheat. With average annual maize exports of 2.5m t, the Republic of Serbia is also the world’s ei- ghth-largest maize exporter. It has been designated as an exporting member of the Council. IGC is an intergovernmental organization that seeks to further international cooperation in grains trade; promote expansion, openness and fairness in the grains sector; and contribute to grain market stability and to enhance world food security. The IGC membership currently com- prises the following members: Al- geria, Argentina, Australia, Canada, Côte d’Ivoire, Cuba, Egypt, European Union, India, Iran, Iraq, Japan, Ka- zakhstan, Kenya, Korea (Rep), Mo- rocco, Norway, Oman, Pakistan, Rus- sian Federation, Saudi Arabia, Serbia (Rep), South Africa, Switzerland, Tunisia, Turkey, Ukraine, United States, Vatican City.