UPDATE 1-Russia's VTB builds up control of Black Sea grain export hub

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MOSCOW/SOCHI, Russia, Feb 14 (Reuters) - Russia's state-controlled VTB Bank said on Thursday it will buy a grain terminal from Novorossiysk Commercial Sea Port (NSCP) , giving it more control over Russia's main deep-sea grain export hub.

VTB, Russia's second-biggest bank, already owns a stake in another grain terminal at the Black Sea port of Novorossiisk, which ships a significant amount of Russia's grain exports.

Russia is the world's largest wheat exporter.

The deal to buy 100 percent of Novorossiysk Grain Terminal, one of Russia's largest port terminals for the transhipment of grains, has been approved by Russian regulators and is expected to close in the second quarter of 2019, VTB said.

NSCP is controlled by Russian oil pipeline monopoly Transneft.

VTB's other stake at a nearby grain terminal is in the Novorossiysk Grain Plant. It owns 22 percent of it directly, and also owns half of state-controlled firm United Grain Company, which owns half of the grain terminal. (Reporting by Polina Devitt and Polina Nikolskaya; writing by Polina Devitt; editing by Susan Fenton)