20 Apr 2023 14:18

Former Russian subsidiary of Bunge now called Maslenitsa

MOSCOW. April 20 (Interfax) - The former Russian subsidiary of the American Bunge company, Bunge CIS, has been renamed Maslenitsa, according to the Unified State Register of Legal Entities.

The company came under new ownership in February of this year. The new owner is businessman Karen Vanetsyan, a deal with whom was reached in September of last year. Vanetsyan is a shareholder in ExOil Group, but the deal with Bunge is his own personal investment. He owns the Maslenitsa company through Agroinvest LLC, which was registered in August 2022.

As reported, the net profit of Bunge CIS in 2022 was 3.2 billion rubles against 1.9 billion rubles in 2021, while revenue increased to 31.4 billion rubles from 30 billion rubles in 2021.

The oil extraction plant in the Voronezh region was commissioned by Bunge in 2008. Investments in it exceed $130 million. The facility's capacity is designed to process 540,000 tonnes of raw materials and produce more than 200 million bottles of sunflower oil per year. The company produces oils under the trademarks Oleina, Ideal, Maslenitsa and others.

Bunge has been operating in Russia since 2004. Oilseed processing was its last Russian asset. In March 2021, the company sold the Rostov Grain Terminal to former top managers of United Grain Company Marat Shaidaev and Alexei Chemerichko. The terminal serves river-sea class vessels with up to 5,500 tonne carrying capacities, and has a transshipment capacity of 700,000 tonnes per year.