Engelhart Commodities Trading Partners (ECTP) will stop its operations in the Russian and Ukrainian market of grains and oilseeds to focus on Brazil origin and Asian destination markets, Agricensus writes.
"ECTP, which is part-owned by Brazilian finance house BTG Pactual, will shut its Kyiv and Krasnodar office while its Geneva office will focus on destination markets, freight and futures trading," Agricensus reports with reference to the sources with knowledge of the matter.
The exit from origination in Russia and Ukraine is thought to be a strategic move and not thought to be a performance-related issue. It comes just a few weeks after the company closed its Buenos Aires office, the message reads.
"It’s business as usual at the moment. There is some talk of running the book down by January, but there are commercial agreements and transactions that will be worked through in an orderly manner," the source said.
Previously reported that U.S. Bunge had announced an agreement with British energy company BP to form a 50:50 joint venture that would create a leading bioenergy company in Brazil, one of the world’s largest fast-growing markets for biofuels.
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