OREANDA-NEWS. September 07, 2012. In the course of the APEC-2012 Summit in the city of Vladivostok State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and LLC Summa Group entered into a Memorandum on Cooperation and Interaction in Implementing a Project on the Construction of a Deep-Water Grain Terminal in the Far East.

On behalf of Vnesheconombank the Memorandum was signed by Vnesheconombank Chairman Vladimir Dmitriev and on behalf of LLC Summa Group - by its Board Director Ziyavudin Magomedov.

Under the Memorandum the parties agreed to explore a possibility of their joint participation in implementing a project on the construction of a deep-water grain terminal in the Far East with a transshipment capacity of 10 million tons. Grain is scheduled to be exported to the Asia Pacific region’s countries.

The terminal is to be constructed under the program of comprehensive development of OJSC United Grain Company, with Summa Group acting as its strategic investor.

The parties also agreed to set up a working group to coordinate work on implementing this project including performing an analysis and developing technological and financial schemes for implementing the project.

The parties believe that the terminal’s construction in the Far East would give Russian grain producers in Siberia a good chance to tap Asian markets and encourage them to increase grain production. This project’s implementation will also help to develop port, transport and agricultural infrastructure of the Far East.

Summer Group is a diversified holding uniting perspective and dynamically developing assets in port logistics, engineering, construction, telecommunications, oil and gas sectors. There are more than 10 thousand people working for the Group’s companies that operate in almost 40 Russian regions and abroad.