The planned sale was announced in a presidential decree published in government newspaper Rossiyskaya Gazeta, Bloomberg said. The transaction is expected to be complete within six months. United Grain was established in March 2009 to make state cereal purchases, develop export infrastructure and ship grains abroad.
Bloomberg quoted company spokesman Viktor Krupenin as saying the government may relinquish all ownership of United Grain by 2017. The company plans to increase cereal exports to 16 million tonnes in 2015 with 70% of it being milling wheat, 22% feed wheat and 8% feed barley. Exports reached 360,000 tonnes in the first three months of the season that started July 1.
