Russia’s second largest bank, VTB, reached an agreement on 14 February to buy Novorossiysk Grain Terminal, one of country’s largest port terminals for the transshipment of grains and oilseeds.
The acquisition from Novorossiysk Commercial Sea Port (NSCP) would give VTB more control over Russia’s main deep-sea grain export hub, World Grain reported.
Russian regulators had already approved the deal, which was expected to close in the second quarter of this year.
Last August, VTB acquired a 10.93% stake in Novorssiysk Grain Plant, one of the largest grain terminals in Russia. VTB now had a 33.18% stake in Novorossiysk, World Grain wrote.
Novorossiysk’s main activities include grain storage, processing and sea port and railway loading and unloading. The company’s facilities are located at the port of Novorossiysk on the Russian coast of the Black Sea.
NSCP is the largest port operator in Russia by cargo turnover, World Grain said.