Russia’s Federal Antimonopoly Service (FAS) has given a preliminary approval for VTB Bank’s acquisition of a 10.93% stake in Novorossiysk Grain Plant, one of Russia’s largest grain terminals.

Following the acquisition, VTB would own a 33.18% stake in Novorossiysk, located on the Black Sea in southwestern Russia new Rostov-on-Don, wrote World Grain on 21 August.

Novorossiysk’s main activities included grain storage, processing loading and unloading at the seaport and loading and unloading train cars.

The terminal has a transshipment complex with a capacity of 1,600 tonnes/hour, 12 granaries with a total area of 16,756m2 and two elevators with a storage volume of 140,000 tonnes.

VTB is one Russia leading universal banks and is headquartered in Moscow.