SALIC considers Black Sea grain terminal purchase
Saudi Arabia’s SALIC is conducting due diligence on several projects in the Black Sea region and is looking to acquire a grain terminal there, Reuters reports with reference to the company's managing director.
“It is part of our mandate to give importance to logistics ... so we are looking at SALIC’s presence on that side in the form of a takeover or buying a grain terminal on the Black Sea,” SALIC managing director Khaled al-Aboodi said.
He added that it was too early to name specific projects or locations.
Aboodi said SALIC would seek to bring in Russian wheat through state grain buyer Saudi Grains Organization (SAGO) should its investments in potential Russian wheat producers or farmland come to fruition.
As a reminder, the SALIC Ukrainian subsidiary, CFG (Continental Farmers Group), completed the merging of businesses with Mriya Agriholding. Since June 2019, the combined company works under a single brand, Continental Farmers Group, cultivating land in 5 regions of Western Ukraine. The re-launched company received a renewed brand identity.