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

Replacement Isn't the Future. Variety Is.

Replacement Isn't the Future. Variety Is.

Content provided by ADM | 22-Mar-2024 | White Paper

Successfully navigating the intersection of food and technology can help your business meet evolving consumer demands.

Consumer Attitudes on Ultra-Processed Foods Revealed

Consumer Attitudes on Ultra-Processed Foods Revealed

Content provided by Ayana Bio | 12-Jan-2024 | White Paper

Ayana Bio conducted the Ultra-Processed Food (UPF) Pulse survey, offering insight into consumers’ willingness to consume UPFs, as well as the variables...

Future Food-Tech San Francisco, March 21-22, 2024

Future Food-Tech San Francisco, March 21-22, 2024

Content provided by Rethink Events Ltd | 11-Jan-2024 | Event Programme

Future Food-Tech is the go-to meeting place for the food-tech industry to collaborate towards a healthier food system for people and planet.

Palate Predictions: Top Flavor Trends for 2024

Palate Predictions: Top Flavor Trends for 2024

Content provided by T. Hasegawa USA | 08-Jan-2024 | Application Note

As consumers seek increased value and experience from food and beverages, the industry relies on research to predict category trends. Studying trends that...

Related suppliers

Follow us

Products

View more

Webinars