Ukraine's Continental Farmers expands elevator capacity by 23% to 634,000 tonnes

MOSCOW. July 3 (Interfax) - Ukraine's Continental Farmers Group (CFG) has acquired a linear elevator complex in Lvov region with storage capacity for 120,000 tonnes, expanding its total storage capacity by 23.3% to 634,000 tonnes, Ukrainian media reported, citing a statement from the company on social media.

CFG said the acquisition was made in a region where the group did not have sufficient elevator capacity given its considerable land holdings. Until now, it had only three small grain drying and storage facilities in Lvov region with combined capacity of 31,000 tonnes.

"Continental continues to implement its development strategy and invest in additional storage capacity, despite the difficult economic situation in the country [...] With the acquisition of this facility we also acquired the ability to significantly optimize our logistics - the new elevator is located near a large railway hub and can ship up to 45 railcars of grain by railway per day," CFG chief executive Georg von Nolcken was quoted as saying in the statement.

He said the elevator is modern, multifunctional and fully automated, so the group did not incur additional expenses on modernization or additional equipment.

CFG, one of Ukraine's largest potato growers, also has elevators in Ternopol and Ivano-Frankovsk regions and 195,000 hectares of land in Ternopol, Lvov, Khmelnitsky, Chernovitsky and Ivano-Frankovsk regions.

CFG is owned by the Saudi Agricultural & Livestock Investment Co. (SALIC). SALIC completed the merger of Ukrainian agribusiness group Mriya, which it bought in 2018, and CFG, which it already owned, under the Continental Farmers Group brand in 2019.