February 3, 2020 / 12:42 PM / 2 months ago

UPDATE 1-Swiss grain trader Solaris appoints Pedro Nonay as commodities director

(Adds details, background)

MOSCOW, Feb 3 (Reuters) - Swiss grain trader Solaris Commodities said on Monday it had appointed Pedro Nonay as its commodities director with a focus on developing the company's strategy in trading in physical grain and securities for Russian and foreign grain.

Solaris, established in 2011 in Lausanne, specialises in exporting Russian grain via the Black Sea and is a regular participant in international purchase tenders held by Egypt, the world's biggest wheat importer.

Solaris said that Nonay previously held posts at Cargill and Louis Dreyfus, among others. The firm added that it had also recruited Alejandro Eito to be in charge of business operations, market development and streamlining logistics chains.

Russian grain market, traditionally dominated by global commodities traders such as Glencore, Cargill and Russian players led by RIF, is experiencing a major shift after the state bank VTB started to expand into the grain.

Last year, VTB turned into the largest operator of Russia's grain export terminals and other infrastructure. It also bought grain trader Mirogroup, with plans to enter markets in Africa, the Middle East and Asia to increase Russian grain exports.

Russia is the world's largest wheat exporter. VTB is the country's second biggest bank. (Reporting by Tatiana Voronova; additional reporting by Olga Popova in Moscow and Gus Trompiz in Paris Writing by Katya Golubkova; Editing by Edmund Blair and Louise Heavens)

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