Russian state-controlled VTB bank, which has been expanding its grain business, has bought a half of the Taman grain terminal in the Russian part of the Black Sea from Ukraine's Kernel, it said on Monday.
Kernel sold the stake for EUR 61 million (US$65 million) paid in cash, it said in a statement, Reuters said.
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"As part of VTB's grain market strategy, the deal will allow us to achieve significant synergies with VTB Group's existing assets in infrastructure, logistics and grain export," Yuri Soloviev, VTB's first deputy chief executive, said in the statement.
Kernel has not been involved in grain marketing in Russia since 2017, assigning its transshipment quota in the terminal to Glencore.
Global trade giant Glencore, which owns the other half of the terminal, remains VTB's partner in it, VTB added.
VTB has been also looking at other options to expand grain export capacity in the Russian part of the Black and Azov Seas.
Russia is the world's largest wheat exporter, which has only a limited number of grain terminals in deep-water ports. Taman is one of the key terminals.
