A Russian export company has signed a grain export deal with China, Reuters reported.
Grain export company EPT signed a contract with state corporation China Chengtong to export 70 million tons of grains, pulses and oilseeds to China, according to Reuters, on October 18.
EPT said the contract was for 12 years, with the possibility of extension, according to Reuters.
Karen Hovsepyan, leader of the New Land Grain Corridor Initiative, told Tass news agency that the deal was worth almost US$26 billion.
According to a World Grain report on October 18, Russia has been strengthening ties with China in recent years, and Russian President Vladimir Putin visited China at the time of the report to discuss trade and other issues with Chinese President Xi Jinping. .
Following a bumper grain harvest, Russia exported around 60 million tonnes in the 2022/23 marketing season, according to the report.
Although China was trying to become more self-sufficient in grains and oilseeds, it was still by far the leading importer of these agricultural products. Especially soy and corn, as stated by World Grain.
Source: Oils & Fats International
