MOSCOW, RUSSIA — VTB, Russia’s second-largest bank, has reached an agreement to acquire a grain terminal from Novorossiysk Commercial Sea Port (NSCP), a move that will give VTB more control over Russia’s main deep-sea grain export hub.
VTB has struck a deal to buy 100% of Novorossiysk Grain Terminal, one of Russia’s largest port terminals for the transshipment of grains and oilseeds. It also is one of Russia’s largest port terminals for the transshipment of grain for export.
The transaction already has been approved by Russian regulators and is expected to close in the second quarter of 2019.
Last fall, VTB acquired a 10.93% stake in Novorossiysk Grain Plant, one of the largest grain terminals in Russia. Following the transaction, VTB Bank has a 33.18% stake in Novorossiysk. Novorossiyk’s main activities include grain storage, processing, loading and unloading activities in the seaport, and loading and unloading activities in the railway. The company’s facilities are located in the port of Novorossiysk on the Russian coast of the Black Sea.
NSCP is the largest port operator in Russia by cargo turnover.