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U.S. company Cargill and M.V. Cargo, operating in the Yuzhny seaport in Odesa region, have signed an investment agreement, on the construction of a grain terminal in the port.

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The agreement was signed at the Ukrainian government’s building in February 2016.

“Cargill decided to invest $100 million in the construction of a grain terminal in the Yuzhny port to make it one of the largest hubs in Ukraine,” Ukrainian Prime Minister Arseniy Yatseniuk.

As reported, in August 2015, the Ukrainian Sea Port Authority and MV Cargo LLC signed a trilateral memo of on the joint implementation of an investment project in Yuzhny port (Odesa region).

The document confirmed Cargill’s intention to acquire a 51% share in a transshipment terminal, which M.V. Cargo stevedoring company will build in Yuzhny seaport. Under the terms of the memorandum, before construction the Ukrainian Sea Ports Authority has undertaken to establish a water course to the terminal with an appropriate level of dredging (dredged to the appropriate depth).

“The new terminal implies more port charges, more revenues to the local and national budgets, more high paid jobs for Ukrainians. In fact, after the completion of the Cargill investment project Odesa region will get up to 350 new jobs. We want the similar projects of world renowned companies to become a positive signal for businesses preparing to enter Ukraine,” Minister of Infrastructure Andriy Pyvovarsky said at the time.

The terminal will allow Cargill to handle grains, cereals and other goods. The capacity of the first phase of construction will amount to 5 million tonnes. The second phase would increase the capacity by another 2-4 million tonnes.