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Odesa  >  News  >  Maritime Sector
EBRD to loan USD 40 million to expand the grain terminal in Odessa
Nov 13 2015, 22:53

ODESSA, NOVEMBER 13th, 2015, CONTEXT-PRICHERNOMORIE — European Bank for Reconstruction and Development (EBRD) will provide a long-term loan up to USD 40 million to GN Terminal Enterprises Ltd (Cyprus), GNT Company to finance the capacity expansion of the existing grain terminal in the port of Odessa, Context-Prichernomorie correspondent reports.

The press service of Odessa Commercial Sea Port Administration noted today, 13 November.

According to the information, a leading adviser on Foreign Relations EBRD Anton Usov said that the decision of the bank's board of directors went through at the meeting on Wednesday, November 11. According to him, the signing of the loan agreement is scheduled for December this year.

The project involves the expansion of both the terminal's and storage capacity. Its cost is estimated at USD 69 million. Initially, according to the Bank, he had the name Serseris Grain Terminal. Company Serseris Holdings Limited (Cyprus), a subsidiary of CHS Europe SA, in turn a member of one of the largest US agricultural companies CHS Inc. with revenues in 2014, USD 14.32 billion.

In the spring of 2009, CHS Inc. announced the launch of the investment in the joint with GN Terminals (Odessa) in creation of an export grain terminal in Ukraine on the Black Sea coast near Odessa handling capacity of 2 million tons per year. Then he clarified that CHS will manage part of the terminal capacities, including transportation infrastructure, through the CHS Europe office in Geneva (Switzerland), as well as to marketing the whole grain.

In addition, in the Bank's portfolio is already completed project with CHS from 2010. According to his records, the Bank has provided the largest domestic supplier of grain to the US and second largest in the world agrocompanies USD 120 million to expand exports.

As for GNT, at the end of February this year, the EBRD approved a loan of up to USD 18.7 million to a subsidiary of Cyprus GNT Olimpex Holding Ltd for the construction of the Odessa port facilities for grain drying and cleaning. According to him, the complex drying and cleaning of grain with annual capacity of 0.5 million tons will be integrated with visiting the port transshipment terminal companies, through which last year were exported about 2.4 million tons of grain crops.

The press service reminded that GNT Olimpex Holding Ltd. brings together private providers of forwarding, stevedoring services, as well as services for handling bulk cargo. In Ukraine, he owns OOO «Olimpex Coupe International».

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