US investors control main Ukrainian Black Sea grain hub
(MENAFN) Two US investment firms have gained control of one of Ukraine’s largest grain export terminals at the Port of Odessa following a lengthy legal dispute, The Financial Times reported on Monday. The facility, Olimpex, has an annual export capacity of 5 million tons and plays a key role in Ukraine’s agricultural exports.
Argentem Creek Partners and Innovatus Capital Partners, both based in the US, accused the terminal’s previous owner, GNT Group, of defaulting on a $20 million loan and misleading them about grain pledged as collateral. Court documents allege that GNT staged the destruction of spoiled grain stocks and committed fraud following the outbreak of conflict with Russia in 2022.
GNT has denied the accusations and claimed the US investors orchestrated a “hostile takeover.” The drawn-out case led to the arrest of Ukrainian businessman Vladimir Naumenko, a major figure behind GNT, on fraud charges in May. Ukraine’s Supreme Court recently ruled in favor of transferring the terminal to the American firms.
Naumenko’s business partner, Sergey Groza, labeled the charges as politically motivated and accused President Vladimir Zelensky’s administration of manipulating the legal process. He claimed US investors used their significant influence to intimidate GNT, including initiating office raids and arrests.
Zelensky’s chief of staff, Andrey Yermak, acknowledged that the Ukrainian government supported the investors during the legal process, but said its involvement was limited to coordination.
John Patton, a partner at Argentem Creek, said the new owners intend to reopen the terminal this summer to coincide with the grain harvest.
The Port of Odessa, established in 1794 during the Russian Empire, is vital to global grain distribution. It was a central hub under the now-defunct UN-brokered Black Sea Grain Initiative, which ensured safe food exports during wartime.
Russia exited the deal in 2023, citing unfulfilled promises to lift sanctions on its agricultural exports. Since then, Moscow has accused Ukraine of using the port for drone strikes and arms transport, prompting multiple Russian missile attacks on the facility.
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