Cargill Inc. is expanding its Russian business by acquiring a minority share in a deep-sea port in Novorossiysk for undisclosed terms.
The port, on the Black Sea in southwestern Russia, is majority-owned by DeloPorts Ltd. Cargill has acquired 25 percent ownership plus one share of indirect interest as a way to add shipping capacity to its Russian business, which has been in operation since 1991. The Black Sea is connected to the Atlantic Ocean through the Mediterranean and the Aegean seas.
Buying a minority interest in the port follows Cargill's September announcement that it was building a new sunflower oil crush plant in southern Russia.
"We have invested more than $900 million across our portfolio of businesses in the country, making Cargill a leading investor in the agricultural sector" of Russia, Natalia Orlova, Cargill's country representative and head of its food business in Russia, said in a statement.
Steve Alexander
