COFCO to double Black Sea grain purchases

摘要

China National Cereals, Oils and Foodstuffs Corporation (COFCO) is planning to double its grain purchases from the Black Sea countries in the next two to three years. The region has become a major supply hub for staple crops, with Ukraine and Russia being among the world's largest corn and wheat exporters, respectively, in the view of COFCO chairman Jingtao Chi. In November 2018, COFCO and the Ukrainian Sea Ports Authority (USPA) signed a memorandum agreeing the development of COF-CO's 2.5 Mtpa grain terminal at the Black Sea harbour of Mykolaiv. COFCO committed to investing up to US$30M in the further development of the US$75M port terminal, as well as river logistics in Ukraine.