January 31, 2012

Outspan International, a Russian unit of Singapore's Olam International, plans to export 0.8-1.0 million tonnes of Russian grain in 2011-12, General Director Pavel Redzish said Monday (Jan 30).

Russian authorities imposed a ban on grain exports from August 2010 to July 2011 due to severe droughts to stabilise domestic prices.

Redzish said that Outspan International expects to reach nearly double the revenue from the grain exports to US$350-400 million in the 2011-2012 marketing year from about US$188 million a year earlier. The marketing year starts on July 1, 2011, and ends on June 30, 2012.

Outspan International has been handling grain exports since 2009. The company also imports foodstuff products and raw materials to the Russian market from Argentina, Brazil, New Zealand, Poland, Spain, the US and others.