Representatives of Cargill and MV Cargo have signed a binding Share Purchase Agreement, formalizing their commitment in relation to the construction of a terminal in the Yuzhny Port.
This agreement marks a significant milestone in the project and follows the memorandum of cooperation Cargill and MV Cargo entered into with Ukraine’s Sea Ports Authority (USPA) on 13th August 2015, whereby the port authority agreed to dredge the water area adjacent to the future grain terminal down to 16 meters.
This will enable the new terminal to handle large vessels with a deadweight of up to 100,000 metric tonnes that the new facility will attract to the port.
The agreement was signed in the presence of Prime Minister of Ukraine, Arseniy Yatsenyuk, U.S. Ambassador to Ukraine, Geoffrey Pyatt, Minister of Infrastructure Andriy Pivovarskiy, Minister of Agriculture Olexi Pavlenko and other senior Ukrainian government officials.
Construction of the terminal will begin on 27th February 2016 and is expected to be completed by the spring of 2018.