ST. LOUIS, June 1 /PRNewswire-FirstCall/ -- Bunge North America, the North American operating arm of Bunge Limited (NYSE: BG), announced that it has created a joint venture with ITOCHU and STX Pan Ocean to build and operate a state-of-the-art export grain terminal at the Port of Longview, Wash. Called EGT Development, LLC, the project will be the first export terminal built in the United States in more than two decades.
The terminal will be capable of handling grain, oilseeds and protein meals. It features a rail loop track unloading system capable of holding four 110-car unit trains at any given time. The facility will include a highly efficient shuttle train unloading system as well as the capability to unload barges from the Columbia River. When it is fully operational, the facility will be able to handle more than eight million metric tons annually.
'The Pacific Northwest is already the second largest export corridor in North America but additional capacity will be needed to meet the growing demand for agricultural products in Asia,' said Carl Hausmann, Bunge North America president and CEO. 'All three partners currently ship to the Pacific Rim and this facility will be well-positioned to create a more direct and stable supply base so that we can better serve our operations and customers in Asia.'
ITOCHU is the second largest marketer of grain and food products in Japan, and STX Pan Ocean is one of the world's leading shipping companies of agricultural products. Bunge has oilseed processing assets in China, an ownership stake in the Phu My port in Vietnam and is a significant seller into the Asian market. Bunge is the majority partner in the project.
'We certainly appreciate the support we have received from civic leaders in Longview and we look forward to being a good corporate citizen in the community. The grain terminal will not only create about 50 good jobs, but will provide about $2 million in tax revenue to support local governments and schools,' said Bailey Ragan, vice president and general manager, Bunge Grain.
