BY
It has been more than a year since
the last entry relating to the plans (and ubiquitous
intrigues surrounding those plans) for a grain terminal at Yushni Port.
(Needless to say those intrigues regarding Cargill,
Delta Bank, dredging of what is already the deepest port on the Black Sea etc
remain.)
Regardless, plans and
financing for a new grain terminal at the port now appear to have been
finalised by all parties according to the Facebook page of Artem
Chevalier, a former Deputy Minister of Finance – “The Council
of Directors of the Bank has just approved a loan of $ 37 million (in addition
to the same loan from the IFC – International Finance Corporation), which will
focus on the construction of a grain terminal in the port of “Yushni”with a
maximum capacity of up to 5 million tons of grain year.
This project has everything.. An active and
transparent Ukrainian investor, a major international player, support from the
government, the participation of international financial institutions,
environmental audits, energy efficiency, etc.”
To be clear the EBRD finally
approved a loan of $37 million, matched by the IFC, with about $100 million
from Cargill (which is approximately the same figure the Ministry of Finance
allowed Cargill to reclaim from Delta Bank before winding up the bank and
leaving the Ukrainian tax payer with the Statutory Insurance bill to pay to
depositors) .
As the above link stated
more than a year ago, Cargill was also to acquire a controlling 51% stake in MV
Cargo, the major operator at Yushni. (MV Cargo, unsurprisingly, is owned
by Cypriot company – Kornleks Impex Limited.)
A new grain terminal
capable of dealing with 5 million tonnes per annum will (fairly) soon grace the
dockside a Yushni.
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