Reuters: Regulatory News: Viterra given regulatory nod for S.Australia port auction system

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Viterra given regulatory nod for S.Australia port auction system Sep 5th 2012, 02:53 By Colin Packham SYDNEY, Sept 5 | Tue Sep 4, 2012 10:53pm EDT SYDNEY, Sept 5 (Reuters) - Grain handler Viterra Inc has won approval for its amended auction system proposal for the allocation of shipping slots to third-party grain exporters at its South Australian ports after the Australian Competition and Consumer Commission (ACCC) removed its objection notice on Wednesday. The first auctions allowing third-party access to the South Australian port terminals will begin in November, governing access for the February to September, 2013, shipping period, the ACCC said. "When demand for Viterra's services is strong in the peak shipping months and ports, exporters who value those services most highly will be allocated capacity," ACCC Commissioner Joe Dimasi said in a statement. Viterra's first proposal for an auction system was opposed by the ACCC in April.. Viterra had proposed to operate a model similar to that used in Western Australia, but the ACCC said the 2011/12 season had highlighted several issues with that system, with large volumes of port terminal capacity remaining unallocated through auction, despite a record-breaking crop that year. Viterra amended its proposal to change the way in which auction proceeds are rebated to exporters and adjusting the auction rules. Australia, the world's second-largest exporter of wheat and major producer of barley, sugar and canola, deregulated its grains industry in 2008. Some growers and traders have complained that bulk grains companies such as Viterra and locally listed GrainCorp Ltd wield too much control over the allocation of export facilities. Viterra would review the operation of the auction system after the harvest shipping period in 2013, the ACCC said. Link this Share this Digg this Email Reprints

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