STX Pan Ocean takes stake in US grain export facility
STX Pan Ocean, South Korea’s largest bulk operator has taken a minority stake in a grain export facility on the US West Coast. STX Pan Ocean said it has joined with Japanese trading house Itochu Group and US grain company Bunge in the establishment of a $200m grain facility. The specialist bulk operator will have a 20% stake, with Bunge taking 51% and Itochu 29%. Under the auspices of the joint venture company EGT Development, construction of what is touted as the US West Coast’s largest grain facility will start this month in Longview, Washington state. Operations will begin in the fourth quarter of 2011 and it is expected to handle more than 8m tonnes of grain annually. STX Pan Ocean transports around 20m tonnes of grain annually.
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