business and economy
Prod Corporation to purchase 1 million tons of grain for commercial resources
(Kazakhstan Today) - JSC Company Prod Corporation plans to purchase this year about 1 million tons of grain for commercial resources. The chairman of Prod Corporation, Ruslan Azimov, informed today at the session of the Ministry of Agriculture, the agency reports.
Prod Corporation plans to buy in addition due to its own means and other funds up to one million tons of grain for commercial resources,” R. Azimov said.
Prod Corporation will purchase 400 thousand tons of grain for the state resources. According to R. Azimov, for grain purchase 12.2 billion KZT has been allocated from the republican budget.
“As of today, due to financing of sowing and harvest works, 320 thousand tons have been contracted,” he noted.
JSC Company Food Contract Corporation was created in 1995 and is the national company with 100 % of state participation.
Prod Corporation is one of the largest exporters of grain in the world market. The company - one of the largest holders of grain in Kazakhstan with annual volume of purchase of about 2-2.5 million tons.
Prod Corporation has representations in 10 regional centers of republic and foreign representations in the Great Britain (London), Russian Federation (Moscow), the Chinese National Republic (Beijing), the Islamic Republic of Iran (Teheran), and the Republic of Azerbaijan (Baku).
Since August, 1998 Prod Corporation has been a member of the International Grain and Feed Trade Association (GAFTA) that entitles to conclude contracts on delivery of grain under the international standards and to resolve conflicts in Arbitration GAFTA in London.
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