VTB Bank confirms negotiation over Taman grain terminal acquisition

VTB Bank confirmed the information about negotiations on the purchase of Kernel's 50 per cent share in the deep-water grain export terminal in Taman (Russia).

"Regarding Taman, we see the perspectives of this asset. We are currently negotiating. We cannot say if the negotiation will be successful," said Yuri Soloviev First Deputy President and Chairman of VTB Bank Management Board.

In late May, Andrei Verevskiy, Chairman of the Board of Directors of Kernel, informed that the company considers the stock sale of the deep-water grain export terminal in Taman.

Reference: in 2012 Kernel and Glencore acquired 100 per cent of the shares in the deep-water grain terminal in Taman port from the EFKO Group (mayonnaise and Sloboda sunflower oil producer). At the time of the transaction, the terminal value was estimated at USD 265 million, the Kernel report said. The company owns a 50 per cent stake in Taman Grain Terminal Holdings Limited. In 2018, Kernel assigned its transshipment quota in the Taman facility to the 3rd party.