South Korean trade and logistics company Pan Ocean has bought a 36.25% stake in a US Pacific Northwest (PNW) grain export terminal, Agricensus reported local Korean media as saying on 13 May.
The Export Grain Terminal (EGT) at Longview in Washington state had been built as a joint venture between Bunge, Itochu and STX Pan Ocean, although the facility had been listed as a Bunge and Itochu joint venture.
“We can confirm the announced sale is subject to closing conditions and regulatory approval, which is expected to occur in 2020. Bunge remains the majority partner in the EGT joint venture,” Daiana Endruweit, Bunge’s global media relations manager, told AgriCensus.
EGT owns and operates one of the largest grain export facilities on the US west coast, capable of handling corn, wheat, soyabeans, soya meal, and DDGS exports via rail or barge connections.