US-based global agricultural commodities trader Bunge agreed to sell its oilseed processing business in Russia to Karen Vanetsyan, the controlling shareholder of Exoil Group.
Bunge Ltd announced that it has agreed to sell its oilseed processing business in Russia to Karen Vanetsyan, the controlling shareholder of Exoil Group. The sale includes the sunflower processing plant in Voronezh.
“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,” said Greg Heckman, Bunge’s CEO.
The completion of the sale is subject to customary closing conditions, including regulatory approval.
Many western companies either suspended operations or sold their facilities/businesses in Russia as part of the sanctions imposed by the governments of the U.S. and European Union countries following the Russian invasion of Ukraine in late February 2022.
In March 2022, Bunge announced that it had suspended any new export business from Russia, but its oilseed crush plant was still operating there and serving the domestic market. Bunge has $121 million in total assets in the country, according to an SEC filing.
Headquartered in St. Louis, Missouri; Bunge is one of the world’s leading companies in oilseed processing and a leading producer and supplier of specialty plant-based oils and fats.
