Russia’s United Grain Co (UGC) announced it was establishing a joint venture (JV) with Egypt’s Astra Ltd to supply Russian grain to the Egyptian market.
UGC, also known as OZK, founded the JV through its Switzerland-based trading branch Grainexport SA.
The new JV will be named Agro Nile and will start operations in the first quarter of 2022.
Meanwhile, the Russian Ministry of Agriculture stated that wheat export taxes would increase from $94 to $94.90 per ton next week.
Prices are determined weekly and take effect three working days after their publication, and the new tax will be applied between December 29 and January 11.
Authorities will announce the tax for January 12-18 on December 30.
Russia started the floating tax last June at a value of $28.10 per ton, and the level next week will be the highest ever.
Russia plans to set its wheat export quota at 8 million tons from February 15 to June 30, 2022, marking a 1-million-ton reduction from a previously planned level.
