STX wraps up grain terminal

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STX wraps up grain terminal

STX Group completed a grain terminal in collaboration with Japan’s Itochu in the United States, the world’s largest grain exporter. The group said yesterday it held a completion ceremony, attended by STX Group Chairman Kang Duk-soo, Bunge Chairman Alberto Weisser, Itochu Chairman Eizo Kobayashi, and EGT CEO Larry Clarke, at the Port of Long View in Washington.

STX Pan Ocean made an investment in the terminal with Bunge and Itochu in 2009. The terminal is going to be an independent platform to export grain, including storage facilities, transport lanes, dockyards and offloading facilities.

The 137-acre (55 hectare) port, originally built in the early 1980s in the Pacific Northwest, handles 9 million tons of grain every year.

STX’s participation in building the terminal is significant in that the group has contributed to enhancing Korea’s grain self-sufficiency. The country imports 15 million tons of grain a year, the fifth largest amount in the world, according to STX.

Having a grain terminal in the U.S. will help increase the country’s purchasing power in price discussions with the world’s biggest grain exporter, it added.

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