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Canadian investor for Taman grain terminal

Russia’s governmental commission for foreign investments has endorsed CPPIB Monroe Canada’s acquisition of a stake in the grain terminal at the country’s new Black Sea harbour of Taman.

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The investment by the Canadian firm, a managing company of the Canada Pension Plan Investment Board, is notable, amid the international economic sanctions against Moscow, according to Igor Artemyev, head of Russia’s Federal Antimonopoly Service (FAS) and a member of the governmental commission

The terms of the deal have not been revealed yet, but Artemyev said the price will be in line with market indicators.

Last year, CPPIB invested US$2.5B in a 40% stake in Glencore Agricultural Products (Glencore Agri), a globally integrated grain and oilseed business with 15 agricultural enterprises under its control in Russia alone.

In late 2012, Glencore and Ukrainian grain exporter Kernel each acquired a 50% stake in the Taman grain terminal from Russia’s EFKO Group for a total of US$265M. However, Kernel is reportedly about to withdraw from the project and sell out its interest, in view of the political situation between Russia and Ukraine.

Furthermore, the Taman terminal decreased its handling volume by 22% to 1.76 Mt in H1 of FY 2017, so the Ukrainian firm is dissatisfied with the operational results of its only remaining Russian asset.

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