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October 16, 2013

 

Ukraine, Russia, Kazakhstan grain pool may materialise in six months

 

 

Ukraine, Russia and Kazakhstan could create a grain pool within six months, Ukrainian prime minister Mykola Azarov said at a joint press conference with Russian prime minister Dmitry Medvedev in Kaluga, Russia.

 

The export potential of Russia, Ukraine, and Kazakhstan is estimated at 70 million tonnes.

 

Currently, the countries in the basin lose about US$10 per tonne of grain, sometimes even reaching US$20/tonne due to the strong cross-country competition in the Black Sea basin. It is hoped that the grain pool could facilitate coordination of the countries' trade policies on the international grain market.

 

Azarov said earlier that Ukraine and Russia were planning to sign an agreement on the creation of a grain pool. Kazakhstan may become the third party in the grain pool.

 

The issue of the need to create a Black Sea grain pool of Ukraine, Russia and Kazakhstan was first raised at the first World Grain Forum in St. Petersburg in June 2009. While the parties have discussed this idea many times, concrete steps were only taken this year.

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