NEWS IN BRIEF

Bunge sells oilseed processing plant in Russia

By Mary Ellen Shoup

- Last updated on GMT

Photo Credit: GettyImages / Kwangmoozaa
Photo Credit: GettyImages / Kwangmoozaa

Related tags Bunge Vegetable fats and oils Soybean Russia

Bunge has agreed to sell its oilseed processing business in Russia to Karen Vanetsyan, the controlling shareholder of Exoil Group.

The completion of the sale is subject to customary closing conditions, including regulatory approval.

Bunge first established a business in Russia, Bunge CIS, in 2004 with a large oil extraction plant in the country capable of producing 500,000 tons of raw materials and over 200 million bottles of sunflower oil annually. 

Russia and Ukraine supply nearly a third of the world's wheat exports, a fifth of globally traded corn, and roughly 80% of the world's supply of sunflower oil, according to Reuters​. 

Bunge is part of a larger group of ingredient suppliers (ADM and Cargill both suspended operations earlier this year) who have been scaling back operations in the region since Russia's invasion of Ukraine in February 2022. 

In February 2022, Bunge temporarily suspended its Ukraine-based operations and grain export terminal in the Nikolaev commercial seaport. 

“We are grateful to the team for continuing to deliver essential food and feed in this challenging environment. With Karen Vanetsyan's more than 25 years of experience in agricultural processing, we are confident the team will continue to successfully serve customers,”​ commented Greg Heckman, Bunge’s CEO.

Related news

Related products

show more

Bacillus coagulans SNZ 1969

Bacillus coagulans SNZ 1969

B&D Nutritional Ingredients | 25-Jan-2023 | Technical / White Paper

Bacillus coagulans SNZ 1969TM is an exceptional probiotic strain due to its stability, 50-year history of use and efficacy supported by twenty plus publications.

T. Hasegawa releases 2023 Flavor Trends Report

T. Hasegawa releases 2023 Flavor Trends Report

T. Hasegawa USA | 10-Jan-2023 | Insight Guide

When it comes to flavor, 2023 promises more exciting experiences in food and beverage than ever before. Analyzing the “Now, Near and Next” of consumer...

Withania Somnifera (Ashwagandha) - For Better Health

Withania Somnifera (Ashwagandha) - For Better Health

Chemical Resources (CHERESO) | 03-Jan-2023 | Technical / White Paper

Withania somnifera (Ashwagandha) is one of the few herbs with significant effects on both psychological and physiological aspects of human functioning.

ADM Sustainability & Integrated Supply Chain

ADM Sustainability & Integrated Supply Chain

ADM: Gain an Edge with Global Consumer Trends | 07-Nov-2022 | Technical / White Paper

Wondering how to meet your climate goals? Find out how through increased investment in regenerative agriculture and other programs ADM can help you reduce...

Related suppliers

Follow us

Products

View more

Webinars