Ukrainian Prime Minister Mykola Azarov on Thursday ordered the Ministry of Economic Development and Trade, the Ministry of Agrarian Policy and Food, and the Ministry of Infrastructure to start work on the creation of the Black Sea grain pool project.
The idea of creating a grain pool of the Black Sea countries, Russia, Ukraine and Kazakhstan, the largest players from the former Soviet republics in the global grain market, was first publicly announced in 2009. The countries returned to the idea several times, but it has never been implemented. In July this year, the plan was revived once again.
Azarov noted on Wednesday that he discussed the issue with the prime ministers of Russia and Kazakhstan, and that the Russian Federation expressed its full readiness to take part in this project.
"Matching the grain market position of our three countries will significantly reduce the risk of price fluctuations, or even avoid them altogether," the prime minister said. According to him, the export potential of Russia, Ukraine and Kazakhstan amounts to about 70 million tons of grain a year, Trend reports.
