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could rise to a level between 30 and 40 million metric tons per annum by 2013–up from an average of around seven million tons between 1996 and 2000. 

The Middle East and North Africa will help fuel this growth. These regions already are large grain importers, and their population and GDP growth rates are above world averages. 

Their geographic proximity make them ideal export destinations for Eastern Europe. 

Effi cient logistics are essential to unlocking Eastern Europe’s potential. Since the beginning of 2004, we have improved Bunge’s position in the region’s ports. We built a grain terminal in Liepaja, Latvia; purchased one in Rostov, Russia; and signed throughput agreements with facilities in Iliychevsk, Ukraine, and Constanza, Romania. Together with our existing terminal in Derince, Turkey, these assets and agreements form a network that improves Bunge’s ability to handle trade to and from Eastern Europe. 

We have also expanded our origination operations by acquiring grain elevators in Ukraine and Romania. 

Eastern Europe also benefi ts from growth in demand. Per capita vegetable oil consumption is increasing in the region. Bunge established a market-leading position with our 2002 acquisition of Cereol, and we built upon this foundation in 2004. 

Through a joint venture, we purchased Kama Foods and strengthened our crushing and refi ning operations in Poland. We broadened our product portfolio by acquiring exclusive rights 

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to Ideal™, a premium sunflower oil brand, in Russia and the CIS states; and in early 2005, we started work on a multi-seed crushing plant in Iliychevsk, Ukraine that will help to supply our bottled oil business in the region. 

