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Ukraine, Russia and Kazakhstan mulling grain pool

17 april 2011, 10:28
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Tengrinews.kz stock photo
Tengrinews.kz stock photo
Kiev, Moscow and Astana are considering a possibility to create a grain pool, Prime-Minister of Ukraine Nikolai Azarov is quoted by AFP as saying at the 10th Boao Asian Economic Forum in China.

Azarov thinks that time is ripe for the wheat exporting countries to join their ranks. He pointed out that Russia, Ukraine and Kazakhstan cover 30 percent of the world’s grain export market. “That is why there is no point for us in competing, but it makes perfect sense to coordinate our efforts to make the situation at the market more predictable and controllable,” the Prime-Minister said.

He reminded that back in 2003 there was a situation when Russian and Kazakhstan supplied grain to Ukraine to meet the shortages after Ukraine set off its planned grain export.

Azarov pointed out that last summer the need for coordination among grain producers became especially obvious. Russia was experiencing sharp shortages of grain because of the drought.

“Operating as a pool we can arrange for other members of the pool to compensate for the export volumes of a member that would for some reason lack the necessary amounts. This would enable up to support stability at the market,” he said.

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