The board of directors of the European Bank for Reconstruction and Development (EBRD) has approved the issuance of up to $120 million to one of the largest Ukrainian agricultural groups, Kernel, on two projects within a syndicated loan to finance working capital.
According to information on the EBRD’s website, the decision was made on September 4.
Within the framework of one project, in particular, Kernel may receive up to $80 million to finance working capital, which is associated with the procurement, storage, transportation and sale of grains for export.
The total project cost is $300 million.
In addition, under another project, the EBRD intends to issue up to $40 million in the form of participation in a syndicated loan to finance Kernel’s working capital, which is related to the purchase, storage, processing, transportation of oilseeds and vegetable oil, as well as sale for export.
The cost of the entire project is estimated at $390 million.
Kernel is the world’s largest producer and exporter of sunflower oil, the leading producer and supplier of agricultural goods from the Black Sea region to the world markets.
U.S. Cargill Inc., a large private company on the global agricultural market and food production, in the coming two months plans to complete preparations for acquisition of shares in M.V. Cargo, which on September 6, 2019 officially launched the Neptune new grain terminal at the Yuzhny port with an annual capacity of 5 million tonnes, Cargill Vice President Roger Janson has said. “Then we move on to acquisition,” he said at a press conference.
Janson said that the contract with M.V. Cargo does not contain time framework regarding the acquisition of the shares.
As reported, Cargill, the Ukrainian Sea Ports Authority and M.V. Cargo LLC (Vizirka village, Lyman district, Odesa region), created by the co-founders of the largest Ukrainian private stevedore TIS Andriy Stavnitser and his older brother Yehor Hrebennikov, in August 2015 signed a tripartite memorandum of intent to implement an investment project in the Yuzhny seaport.
In February 2016, Cargill entered into an agreement with M.V. Cargo to invest $100 million in the construction of a grain terminal and the subsequent acquisition of a 51% stake in M.V. Cargo.
Ukrainian tennis player Elina Svitolina, who reached the semi-finals at the U.S. Open, which ended recently, climbed third place in the ranking of the Women’s Tennis Association.
In the updated rating, published on Monday, she rose from the fifth to the third line.
JSC Kovalska Reinforced Concrete Structures Plant, part of Kovalska Industrial and Construction Group, has received permission to purchase Energy Product LLC, one of the largest manufacturers of aerated concrete in Ukraine, and intends to complete the deal by late September this year, the press service of group has told Interfax-Ukraine.
“This transaction is one of the largest in Ukraine in the construction market. We, as the market leaders, are interested in diversifying our business lines, expanding our regions and developing new types of construction materials. The aerated concrete market has a high development potential. This asset will allow us to further satisfy the needs of clients in assortment. According to the group’s strategy, we plan to continue expansion in the southern and western regions,” Serhiy Pylypenko, the director general of Kovalska Group, said.
Energy Product LLC (Nova Kakhovka) was established in 2013 and is the fourth largest producer of aerated concrete in Ukraine. The plant’s capacity is 450-500 cubic meters of aerated concrete per year.
Kovalska Industrial and Construction Group has been operating in the construction market of Ukraine since 1956. The company is the leading manufacturer of construction materials, the developer and builder of Ukraine.
The updated national standards for construction of houses with energy efficiency class of no lower than C will take effect on December 1, 2019, the press service of Deputy Regional Development, Construction, Housing and Utilities Economy Minister Lev Partskhaladze has reported.
According to the changes, the mandatory design of residential buildings and built-in premises with an energy efficiency class of at least C is outlined in the national construction standards, and also taking into account the requirements of the national construction standard B.2.6-31: 2016 “Thermal Insulation of Houses.” The standard applies to new construction and reconstruction.
The new requirements will save up to 40% of heat in these houses, Partskhaladze said.
The new national construction standard B.2.2-15: 2019 “Residential Buildings. Key Provisions” was developed by the specialists of PJSC Ukrainian Zonal Research and Project Institute for Civil Engineering to replace the outdated 2005 requirement.
As reported, from December 1, 2018, new national construction standards on the introduction of European requirements for facade thermal insulation, which save up to 15% of heat annually, entered into force.
Ukrainian President Volodymyr Zelensky will visit the United States on September 23 to take part in the UN General Assembly, Ukrainian Foreign Minister Vadym Prystaiko said.
“You know we’re going to the U.S. on September 23,” Prystaiko said at a joint press conference with Moldovan Foreign Minister Nicu Popescu in Kyiv on Monday.
The date of Zelensky’s visit to Washington to meet with U.S. President Donald Trump will be announced soon, he said.
