Russia's VTB buys 50% of Taman grain terminal from Kernel

Russian state-controlled lender VTB has bought half of the Taman grain terminal in the Russian part of the Black Sea from Ukraine's Kernel in a $65 million cash deal.

Trader Glencore, which owns the other 50%, remains VTB's partner in it. Russia, the world's largest wheat exporter, has only a limited number of grain terminals in deep-water ports.

VTB became the largest operator of Russia's grain export infrastructure and a grain trader after a series of acquisitions in 2019. In November, the lender and Russian vegetable oil producer EFKO agreed to build another grain terminal in Taman, close to the one in which it purchased the 50% stake.

VTB has been also looking at other options to expand grain export capacity in the Russian part of the Black and Azov Seas.