ST. LOUIS — Bunge has agreed to promote its oilseed processing enterprise in Russia to Karen Vanetsyan, the controlling shareholder of Exoil Group.
The sale contains the sunflower processing plant in Voronezh. The completion of the sale is topic to customary closing circumstances, together with regulatory approval.
“We’re grateful to the group for persevering with to ship important meals and feed on this difficult setting,” mentioned Gregory Heckman, chief government officer of Bunge. “With Karen Vanetsyan’s greater than 25 years of expertise in agricultural processing, we’re assured the group will proceed to efficiently serve clients.”
In March, Bunge and different main US agribusinesses began scaling again their Russian operations, following Russia’s invasion of Ukraine. Bunge had been reducing again on Russian grain buying and selling actions even earlier, together with the sale of its Rostov export terminal in March 2021.
The Voronezh plant opened in 2008 and has an annual crushing capability of 540,000 tonnes and may produce greater than 200 million bottles of sunflower oil.