Russian trader Demetra supplies 60,000T of wheat to Algeria
Demetra, one of the largest grain traders in Russia, has supplied 60,000 tonnes of wheat to Algeria, it said in a statement on Wednesday.
It was the first major supply from Russia to Algeria since 2016.
It was also to this destination for Demetra, controlled by Russia’s second largest bank VTB.
Two vessels were sent from Russia’s Black Sea port of Taman to two ports in Algeria in September, and the cargo has already been accepted by the buyer, Demetra said.
Algeria was one of the few major wheat importers to which Moscow had no access until October last year, when Algeria relaxed its terms regarding bug damage. That made it possible to offer wheat from the Black Sea with higher protein.
“Algeria traditionally imports grain from France, Germany, Latvia, Lithuania and Argentina and has high quality requirements,” Roman Kron, head of Demetra Trading, said in the statement.
“Diversifying our supply markets is part of our growth strategy,” he said.
Demetra Trading is part of a holding with the same name, in which VTB consolidated stakes in several Russian Black Sea grain export terminals and Russia’s largest grain railcar owner Rustranscom.
Demetra Trading is Russia’s third largest what exporter.
Source: Reuters (Reporting by Polina Devitt)