November 2, 2012
Kernel-Renaisco BV venture acquires grain export terminal in Russia
Press release
Kernel Holding S.A. has entered into a 50-50 joint venture with Renaisco BV, a subsidiary of Glencore International plc.
The joint venture has acquired a 100% interest in a deep water grain export terminal in Taman port, Russia from the EFKO Group on September 27, 2012. The enterprise value was US$265 million, including transaction costs, financed with a combination of equity and debt.
One of the largest deep water grain export terminals on Russia's Black Sea coast, it is strategically located in close proximity to Southern Russia's main grain producing region. The grain export terminal has an installed throughput capacity of three million tonnes per annum and will serve as a platform for the large scale deployment of Kernel's grain export business from Russia.
