The issue of the need to support the processing industry, in particular biogas producers, was raised by Minister of Agrarian Policy and Food of Ukraine Mykola Solskiy at a meeting with Deputy Director of the USAID mission in Ukraine Theodora Dell, the press service of the Ministry of Agrarian Policy reported.
“The parties discussed the implementation of joint projects in the agricultural sector of Ukraine. The Minister thanked for the support of land reclamation reform, as a result of which farmers are actively creating new OICs, receive assistance in the restoration of irrigation systems. They also talked about the need for additional projects to support the processing industry, in particular biogas producers,” the report says.
According to Solsky, this promising industry should receive an additional impetus to more active development.
Dell, for her part, noted that the USAID mission has been supporting Ukraine since the first days of Russia’s full-scale invasion and will definitely continue to do so.
The Hellenic Republic supports Ukraine’s acquisition of NATO membership when the Alliance members agree and the conditions are met, as stated in the declaration of the NATO Vilnius Summit, the Joint Declaration of Ukraine and Greece on Ukraine’s Euro-Atlantic Integration has said.
According to the text of the document, Ukraine and the Hellenic Republic welcome Ukraine’s significant achievements in advancing on the path of Euro-Atlantic integration, in particular in achieving compatibility with NATO, as demonstrated by the Ukrainian Armed Forces on the battlefield, and reaffirm their commitment to strengthening joint efforts in support of Ukraine’s integration into the Alliance and the implementation of NATO standards.
It is noted that Greece will continue to support the Alliance’s strong and effective political and material support to Ukraine, aimed at ensuring Ukraine’s ability to effectively defend its territory on land, at sea and in the air.
The Hellenic Republic will continue to provide military, technical, defence and humanitarian support to Ukraine and commits to participate with international organizations, allies and partners in the reconstruction and rebuilding of Ukraine after the war.
Greece supports Ukraine’s acquisition of NATO membership when Alliance members agree and conditions are met, as stated in the NATO Vilnius Summit declaration.
In addition, the parties declare that Ukraine’s security is vital to the stability of the Euro-Atlantic region and fully support the Ukraine-NATO Council as a platform to further strengthen and expand ongoing cooperation to help realize Ukraine’s path to the Euro-Atlantic family.
In turn, it is noted that Ukraine highly appreciates all the important practical assistance provided by the Hellenic Republic and the people of the Hellenic Republic to strengthen Ukraine’s defense capabilities.
The full text of the Joint Declaration is available on the website of the Office of the President of Ukraine.
During his working visit to Greece, President of Ukraine Volodymyr Zelenskyy met with President of Greece Katerina Sakellaropoulou, the President’s press service reported on Monday evening.
The heads of state discussed the current state of affairs on the front line and the security situation in the region in view of the continuation of Russian aggression against Ukraine.
Zelenskyy thanked Greece and personally Katerina Sakellaropoulou for supporting our country since the beginning of the full-scale invasion.
The President of Ukraine noted the Greek leader’s special attention to the needs of Ukrainian citizens who have taken temporary refuge in this country. He particularly thanked the Greek side for the program of rehabilitation of Ukrainian children affected by Russian aggression.
The Head of State expressed hope that Greece would join the restoration of the affected regions of Ukraine.
“We are aware of the special role of Odesa in the history of Greece and look forward to your country’s involvement in the restoration of the city and Odesa region. I propose that Greece take patronage of this region,” Zelenskyy said.
During his working visit to Denmark, President of Ukraine Volodymyr Zelenskyy met with Queen Margrethe II and members of the royal family.
“Meeting with Queen Margrethe II of Denmark and members of the royal family. The statements and actions of the Royal Family of Denmark in support of Ukraine and the Ukrainian people mean a lot to us. We appreciate the royal family’s personal support for the humanitarian efforts of Danish and international organizations operating in Ukraine,” he said in the Telegram channel.
The head of state also expressed gratitude to the Danish people, government and parliament for the powerful humanitarian, financial and military assistance to Ukraine.
“We will always be grateful for the support and mutual understanding that our struggle for life and freedom meets here,” the president said.
In particular, he noted the activities of Denmark within the Support Fund for Ukraine, aimed at restoring Ukrainian schools, hospitals, bomb shelters, water, heat and energy supply, etc.
According to Zelenskyy’s press service, he invited members of the royal family – Crown Prince Frederik and Crown Princess Mary to support investment and humanitarian projects that Ukraine and Denmark are jointly implementing.
During the audience with the Queen, the first lady of Ukraine Olena Zelenska was also present.
Kernel, one of the largest agricultural holdings in Ukraine, has almost completed harvesting winter wheat on an area of 60 thousand hectares and winter rapeseed on 10 thousand hectares, noting an increase in yields and forecasting an increase in production of all crops in the 2023 season, the company said in a statement on the Warsaw Stock Exchange.
According to the report, in the 2023 season, the agroholding expanded the area under winter wheat by 1.7 times, and winter rapeseed by twice compared to last year. Favorable weather conditions resulted in higher yields of these crops: winter wheat yields reached 6.6 t/ha, which is significantly higher than a year earlier, when it was 4.6 t/ha; winter rapeseed yields were 3.3 t/ha, compared to 2.5 t/ha a year earlier.
“Kernel has also allocated significant areas for spring crops, including 120 thou hectares of sunflower, 84 thou hectares of corn and 65 thou hectares of soybeans.
“Risks for the group’s spring crops (corn, sunflower and soybeans) are currently limited, so the group expects to get yields close to historical averages,” the agricultural holding said.
“Kernel assesses the harvest prospects in Ukraine as “generally favorable” and forecasts an increase in grain and oilseed production compared to the previous year.
Speaking about the prospects for sales of the grown products in FY2024, the baseline scenario of the agricultural holding envisages exports only through the Danube River ports and inland routes due to the susceptibility of agricultural infrastructure to destruction caused by Russia’s regular missile attacks.
“Kernel has already secured some capacity to export sunflower oil and meal, but has not yet secured a stable and cost-effective grain transshipment option. The agroholding announced the need for additional investments to increase grain export capacity and reduce logistics costs.
“At the beginning of the season, the profit forecast for FY2024 envisages a significant decrease in EBITDA due to the undermined productivity of the agriculture, infrastructure and trade segments, which is caused by relatively weak global grain prices and expensive export logistics,” the agricultural holding explained.
At the same time, Kernel expects the oilseeds processing segment to be the main source of profit for the group in fiscal 2024.
The agroholding reported that it does not have access to credit limits from banks and relies on accumulated cash. At the same time, it continues negotiations with various financial institutions to obtain CapEx loans.
Uncertainty over VAT refunds in the future and the possible risk of hryvnia devaluation also increase the agroholding’s exposure to foreign exchange losses.
“Any estimates of volumes and margins are very sensitive to the current operational situation in Ukraine due to the constant disruptions caused by the war. The holding’s work is aimed at reducing further risks of losses caused by possible future Russian attacks,” Kernel summarized.
Before the war, Kernel was the world’s leading producer of sunflower oil (about 7% of global production) and its exports (about 12%). The company is one of the largest producers and sellers of bottled oil in Ukraine. In addition, the agricultural holding is engaged in the cultivation and sale of agricultural products.
The largest co-owner of Kernel through Namsen Ltd. is Ukrainian businessman Andriy Verevsky, who this year increased his stake from 41.3% to 74.05% as part of the buyout and delisting of the company from the Warsaw Stock Exchange.
Kernel’s net profit for the first nine months of FY2023 (July 2022 – March 2023) increased by 36% to $437 million, while revenue fell by 45% to $2.715 billion.
