AgroTerra operating as usual under Russian Federal Property Agency management, starts spring planting

MOSCOW. April 10 (Interfax) - AgroTerra Group, the assets of which have been placed under the management of the Federal Property Agency by presidential decree, is operating as usual and has begun spring planting, the group said.

"There is no new information [about the transfer of assets] at this point. Nothing is changing in the company's operations," the group's press service told Interfax.

AgroTerra farms in Kursk Region began field work last week, kicking of the planting campaign. They will be joined this week by farms in other regions where the group has a presence, AgroTerra said.

"Purchases of fertilizer, crop protection agents and nutrients have already been completed, seeds have been prepared. The engineering service is finalizing an inspection of the operability of machinery. There are some difficulties with supplies of spare parts, but we're managing to resolve them," the press service said.

President Vladimir Putin signed an order on April 8 to place the assets of AgroTerra Group under the management of the Federal Property Agency. The order applies to shares in AgroFinance Capital, AgroTerra, AgroSistema-Regiony and AgroSistema.

AgroTerra's future will depend greatly on the resolution of corporate issues, agriculture market expert Alexander Korbut told Interfax. "Who will join the management, how it is organized. I hope that the changes will not have a significant impact on production. The land must work and work well," he said.

"As for operations, I think they have fully procured resources for this planting season and they are carrying out the practical part of the work in the field. There are no more concerns about this," Korbut said.