Kernel is to purchase part of Glencore Ukrainian assets

19 March 2017

According to information of the largest Ukrainian sunflower oil producer Kernel Holding is to purchase Ukrainian farming assets which belong to international commodities trader Glencore.

Earlier we reported that Kernel planned to significantly expand its land bank from current 390k ha by additional 200k ha, so the deal is to be first significant step in this direction.

Ukrainian farming assets of Glencore have been locally known as Serna group. Land bank of Serna was estimated at about 80k ha (in Kyiv, Vinnitsa, Cherkassy and Odessa regions), the group also owned extensive inland silo network (more than 1M tons of storage capacities).

In Y2016 Glencore started to step out of Ukrainian farming business, having started to sell its silo business (as an example we note the deals with local grains traders Prometey and Novagro, which have been reported in local press). So, current deal is to be in full compliance with current strategy of Glencore on Ukrainian market.

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