Nigeria secures key fertilizer production ingredient from Russia to boost local production

NIGERIA – The Federal Government on Monday entered into an agreement with a Russian firm, Uralchem, on fertiliser production in Nigeria. The signing which was done under the Presidential Fertiliser Initiative (PFI) will see Russia supply Nigeria potash, a key ingredient for the production of fertiliser. This will cut down the wholesale importation of fertiliser into the country. The signing ceremony took place at the Presidential Villa, Abuja, where the Managing Director of the Nigerian Sovereign Investment Authority (NSIA), Mr Uche Orji, signed on behalf of the Nigerian government while…

Read More

Huhtamaki inaugurates new fiber packaging line in Russia

RUSSIA – Huhtamaki, a global specialist in packaging for food and drinks has opened a new fiber packaging line in Invanteevka, Russia to enable the company meeting the growing demand of packaging solutions. The new packaging line is part of a €7 million (US$7.7m) investment that the company announced in November 2018, which included setting up a completely new state-of-the-art egg carton line as well as modernizing one of the unit’s existing egg packaging lines. As part of Huhtamaki’s continuous efforts to minimize the environmental footprint of its manufacturing operations,…

Read More

United Oil, EFKO form US$300m vegetable oil production joint venture in Egypt

EGYPT – The Egyptian United Oil Processing and Packaging company has inked a memorandum of understanding (MoU) with Russian vegetable oil and mayonnaise producer EFKO Group to establish a joint venture for production of vegetable oils. The joint venture worth US$300 million is expected to create the largest manufacturer of oil and fat products in the region with annual earnings of more than $1bn. The bottled vegetable oil and food ingredients project will target markets in North Africa, the Middle East and Southern Europe. The agreement between the companies includes…

Read More

VTB acquires majority stake in Russian grain trader Mirogroup

RUSSIA — Russian state-controlled bank VTB has revealed that it has completed the purchase of a 70% stake in Russian grain trader Mirogroup, the Reuters reports. The transaction expands the lender’s diversification into the grain export business as it seeks to become a bigger player in Russia’s grain export business. Yuri Solviev, first deputy chief executive at VTB, said the bank wants to create a vertically integrated organization in the grain market. “The acquisition of Mirogroup is an important step in the implementation of VTB’s grain market strategy. “By creating…

Read More

Symrise expands dry taste solutions with new liquid flavoring line

RUSSIA – The Dutch flavors and fragrances company, Symrise has launched a new production line for liquid flavorings at its Rogovo facility in Russia, expanding dry taste solutions range. The expansion allows the company to serve its customers in Russia with taste solutions with applications in sweet and dairy products as well as beverages. The new range further supplements the range of dry taste solutions for snacks and ready meals. The site expansion involved an improved production line which will produce liquid flavorings for customers in the consumer goods industry…

Read More

Russia extends zero duty on wheat export on a stable market

RUSSIA – The Russian government has extended the zero rate for the wheat export duty to July 1, 2021. According to Russia’s Agriculture Minister Dmitry Patrushev, there were no reasons to abolish the zero-duty rate on wheat exports while the situation on the market was stable. The decision solidifies Russia’s position as the global leading agriculture export market by facilitating the export of produce of the agro-industrial sector. Russia introduced the wheat export duty on July 1, 2015 but the zero duty was established on September 23, 2016 and was…

Read More

Heineken Russia launches new bottles using PET Engineering technology

RUSSIA – Global beer brewer, Heineken has launched two new PET bottles developed using PET Engineering’s interchangeable insert system technology. The new bottle designs have been used for brands Tri Medvedya, Okhota and Okckoe by utilizing ITM solution- interchangeable inserts with a single mold. The bottles are simple, eye catching and are said to offer a great flexibility given that the aesthetics and format can now be easily modified using interchangeable inserts. With the new design, it is possible to apply new decorations, move and resize the label area and…

Read More

Russia’s grain traders form new state-led exporters’ association

RUSSIA – Russia’s major grain trading companies have agreed to form a new association to foresee control over grain exports. The new union called the Russian Union of Grain Exporters (RUGE), was founded by Russia’s two largest grain traders – Russian firm RIF and the local grain office of global trade giant Glencore, as well as Aston and a subsidiary of UGC. According to Reuters, formation of the association led by the state-controlled firm increases the government’s influence over supplies from Russia, the world’s largest wheat exporter. Intentions to create…

Read More

VTB Bank to acquire grain terminal from Novorossiysk Commercial in Russia

RUSSIA – VTB Bank, one of the leading universal banks of Russia has reached an agreement to acquire a grain terminal from Novorossiysk Commercial Sea Port (NSCP), a leading commercial sea port operator for an undisclosed sum. The deal will enable the VTB bank have more control over Russia’s main deep-sea grain export hub. The state-controlled VTB Bank already owns a stake in another grain terminal at the Black Sea port of Novorossiisk, which ships a significant amount of Russia’s grain exports. According to VTB, the deal to buy 100%…

Read More

Kazakhstan, Iran and Russia sign wheat trade cooperation agreement

RUSSIA – Ministry representatives from Kazakhstan, Iran and Russia have signed a Memorandum of Understanding on wheat trade, a step towards boosting trade cooperation between the countries. An AzerNews report stated that the memorandum was an integral part of the free trade zone agreement signed last year between the EEU (Eurasian Economic Union) member states and Iran. The EEU includes Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan. The memorandum was signed by Deputy Agriculture Minister of Kazakhstan Gulmira Isayeva, Deputy Agriculture Minister of Iran Ali Akbar Mehrfard and Deputy Agriculture Minister…

Read More