The trader in agricultural commodities company Louis Dreyfus may sell a share of a new grain terminal in Northern Brazil to receive the balance of the profits from her early participation in the project, said a company source on Thursday.

The Tegram terminal in the port of itaqui in the state of Maranhao is one of the new terminals under development in North and North-Eastern parts of Brazil, which will move the supply closer to some foreign markets.

Dreyfus together with a local partner in the trade of grain Amaggi has a 25% stake in the project. Swiss trading house Glencore PLc and a local company NovaAgri and CGG Trading controlled the remaining three quarters of the project.

This project is really working well, so the company is willing to sell part of it to pay for some investments, said a company source. He asked for anonymity because he was not authorized to speak about the possible sale.

Bloomberg earlier reported that Louis Dreyfus and Amaggi has hired HSBC Holdings Plc to sell part or all of the 25% stake owned in the terminal in itaqui. The sales process has already begun.

Shareholder Amaggi announced that the company is not selling its stake in the project. A shareholder, who also wished to remain anonymous, said that recently held talks with investors, but no agreement was reached.

Representatives of Louis Dreyfus and Amaggi were not available for review.

A third source, a Manager in a trading firm, which operates in the port of Ithaca, said he did not know about any ongoing negotiations for the sale of the shares.

Tegram almost 4000 miles nearer the Panama canal than the main port of soybean exports of Brazil Santos, which gives him the advantage in the shipment of corn and soybeans to Asia.

The terminal receives grain produced in the agricultural region in the North-East, and the grain coming from the Northern part of Mato Grosso, a state of Brazil, occupying the first place in soy production.

Missed the terminal of 3.34 million tons of grain in 2015, which is far from the initial goal of 2 million tons, and is expected to increase deliveries to 4.5 million tonnes in 2016.

Partners invested 600 million reais ($170 million) in complex terminal and warehouses.

Source: Thomson Reuters