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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Glencore    GLEN   JE00B4T3BW64

GLENCORE

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Glencore : Russia's VTB plans to enter grain markets in Africa, Middle East and Asia

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09/03/2019 | 01:55am EDT
FILE PHOTO: Logos are on display outside a branch of VTB bank in Moscow

MOSCOW (Reuters) - Russian state-controlled VTB bank, which has been expanding its grain business, plans to enter grain markets in Africa, the Middle East and Asia to increase Russian grain exports, a senior official told reporters.

VTB, Russia's second largest lender, has recently become the largest operator of the country's grain export infrastructure and is building its own export arm after buying large local grain trader Mirogroup in August.

The goal of VTB's grain project is to gain a significant market share in Russia and abroad, Vitaly Sergeichuk, deputy head of VTB's client relations department in market regions, said in remarks ready for publication on Tuesday.

Sergeichuk said many intermediaries and trading companies, including international firms, are currently playing a key role in the Russian wheat trade.

Two months into the 2019/20 marketing season, VTB's Mirogroup is the 4th largest grain exporter from Russia's deep-water ports of the Black and Azov Seas after local traders RIF, Aston and Swiss trader Glencore, he said.

The ports exported a combined 6.1 million tonnes of grain between July 1 and Aug. 25, he added.

Russia, the world's largest wheat exporter, has shipped 8.7 million tonnes of grain abroad since the start of the 2019/20 season, 7% less than in the same period a year ago. The figure included 7.3 million tonnes of wheat.

VTB also said that it was looking to get access to high-quality services in the area of grain supply to ports in Russia.

(Reporting by Polina Devitt and Gabrielle Tétrault-Farber; editing by Christian Schmollinger and Richard Pullin)

Stocks mentioned in the article
ChangeLast1st jan.
BANK VTB PAO End-of-day quote.
GLENCORE -1.09% 253.45 Delayed Quote.-12.05%
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Financials (USD)
Sales 2019 217 B
EBIT 2019 4 872 M
Net income 2019 1 382 M
Debt 2019 33 399 M
Yield 2019 6,68%
P/E ratio 2019 18,0x
P/E ratio 2020 9,00x
EV / Sales2019 0,31x
EV / Sales2020 0,28x
Capitalization 33 933 M
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