A Russian export company has signed a grain export deal with China, Reuters reported.
The EPT grain export company had signed a contract with the China Chengtong state corporation to export 70M tonnes of grain, legumes and oilseeds to China, Reuters quoted EPT as saying on 18 October.
EPT said the contract was for 12 years with the possibility of an extension, according to Reuters.
Karen Hovsepyan, leader of the New Land Grain Corridor Initiative, told the Tass news agency the deal was worth almost US$26bn.
According to a World Grain report on 18 October, Russia has been strengthening ties with China over the past few years, and Russian President Vladimir Putin had visited China at the time of the report to discuss trade and other issues Chinese President Xi Jingping.
Following a bumper grain harvest, Russia had exported an estimated 60M tonnes of grain in the 2022/23 marketing season, the report said.
Although China was trying to become more self-sufficient in grains and oilseeds it was still by far the leading importer of those agricultural products, particularly soyabeans and corn, World Grain wrote.
