December 8, 2011

CEO Sergei Levin told reporters on Wednesday (Dec 7) that United Grain Company (UGC) plans to export 750,000-800,000 tonnes of grain in July–December.

"We anticipate a total volume of around 800,000 tonnes. To date, we have exported about 650,000 tonnes, perhaps nearly 700,000 tonnes. We must export from 750,000-800,000 tonnes," Levin said at a grain forum.

UGC's core export markets are the regions of Northern Africa and the Middle East.

Levin said the company mostly delivers fourth-class wheat, with the exception of Iraq and Jordan, where protein requirements are higher and which consequently import third-class wheat.

UGC plans to make a prediction for grain exports for the second half of the agricultural year, that is January - June 2012, in January, as the market situation is constantly in flux, he added.

The company also plans to select an appraiser and consultant by the end of December to issue shares as ordered by the government which plans to cut its stake in UGC to 50% from 100%.