BUENOS AIRES, Argentina, Aug. 18, 2014 /PRNewswire/ -- CHS Inc. (NASDAQ: CHSCP), North America's largest farmer-owned company and a global energy, grains and foods business, announced today it has reached agreement to allow Noble Argentina S.A. to acquire a portion of the CHS share of an export terminal joint venture at Necochea, a province of Buenos Aires, Argentina.
CHS Argentina currently own 30 percent of Sitio 0 de Quequen S.A. (Sitio 0). After finalizing the transaction, CHS and Noble Argentina, a subsidiary of Noble Grain Group Ltd., will each hold 22.75 percent ownership in Sitio 0. Other terminal owners are South American grain companies E-Grain SA, A&J Nari SA, Alea y Companía SA and Lartirigoyen y Companía S.A.
"We are pleased to welcome Noble Argentina to this important export terminal venture," said Ignacio Bosch, general manager, CHS Argentina. "For CHS, investing in this port on behalf of our farmer-owners allows us to efficiently serve our customers in Asia and elsewhere through access to a new, modern export facility in a key region of Argentina."
Now under construction, the first stage of Sitio 0 will consist of an export terminal with 119,000 metric tons of storage capacity and a high-speed loader with 1,200 metric tons per hour capability at one pier. A planned second stage would include an additional pier and 100,000 metric tons of storage. Sitio 0 has the right to use the Quequen port for 45 years. The first phase is expected to be operational by May 2015.
Necochea is located on the Atlantic Ocean, 528 km (328 miles) southwest of Buenos Aires at the mouth of the Quequen Grande River. CHS will use the terminal to load soybeans, corn, wheat, sorghum, and barley and soybean meal sourced from the area southeast of Buenos Aires.
CHS Inc. (www.chsinc.com) is a leading global agribusiness owned by farmers, ranchers and cooperatives across the United States. Diversified in energy, grains and foods, CHS is committed to helping its customers, farmer-owners and other stakeholders grow their businesses through its domestic and global operations. CHS, a Fortune 100 company, supplies energy, crop nutrients, grain marketing services, animal feed, food and food ingredients, along with business solutions including insurance, financial and risk management services. The company operates petroleum refineries/pipelines and manufactures, markets and distributes Cenex® brand refined fuels, lubricants, propane and renewable energy products.
This document contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 that are based on management's current expectations and assumptions. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. The company undertakes no obligations to publicly revise any forward-looking statements to reflect future events or circumstances. For a discussion of additional factors that may materially affect management's estimates and predictions, please view the CHS Inc. annual report filed on Form 10-K for the year ended Aug. 31, 2013, which can be found on the Securities and Exchange Commission web site (www.sec.gov) or on the CHS web site www.chsinc.com.
SOURCE CHS Inc.