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1189 Goverment finance

EBRD to invest $40 mln to GNT to expand grain terminal in Odessa port

The European Bank for Reconstruction and Development (EBRD) will provide up to $40 million to GN Terminal Enterprises Ltd. (Cyprus), which belongs to the GNT group, to finance the expansion of the ...

EBRD Senior Adviser for External Affairs Anton Usov told that the credit agreement will be signed in December 2015.

The total cost of the Serseris Grain Terminal project includes the expansion of the terminal's capacity and its storage facilities and has been assessed at $69 million. Initially, the terminal was named Serseris Grain Terminal. Serseris Holdings Limited (Cyprus) is a subsidiary of CHS Europe SA, which is part of U.S. CHS Inc.

CHS Inc. in spring 2009 said that the corporation had started investing in a joint project with GN Terminals (Odesa) on the creation of an export grain terminal in Ukraine on the Black Sea coast in Odesa with a capacity of 2 million tonnes a year. It was reported that CHS will manage part of the terminal, including its transport infrastructure, via CHS Europe office in Geneva (Switzerland), and would also market all of its grain.

The EBRD portfolio completed the 2010 project with CHS.

As for GNT, the EBRD in late February 2015 approved the provision of a loan of up to $18.7 million by subsidiary of Cyprus-based GNT Olimpex Holding Ltd. to build a grain drying and purification complex at Odesa port. The complex with an annual capacity of 500,000 tonnes will be integrated with the handling terminal of the company at the port. The company exported around 2.4 million tonnes of grain via the terminal last year.

GNT Olimpex Holding Ltd. unites the private providers of shipping, stevedoring services and dry cargo handling services. Olimpex Coupe International in Ukraine belongs to the company.

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