VTTI and Summa to build $1 bln oil terminal in Rotterdam

The Port of Rotterdam and Shtandart TT B.V. signed a long-term agreement for a new major crude and products oil terminal at an area exceeding 55 hectares at the Tank Terminal Europoort West (TEW). Shtandart is owned by the Russian Summa Group (75%) and Dutch VTTI (25%).
The agreement was signed during a ceremony that was attended by President Dmitry Medvedev, the Prime Minister of the Netherlands Mark Rutte and the CEO of VTTI Rob Nijst.
Shtandart TT B.V. will build 3 mln cubic meters of storage facilities allocated for Urals crude oil and oil products. Investments are expected to total US$ 1 bln. The new terminal will operate as an "open hub" terminal creating a trading platform for Urals crude oil.
Construction is expected to commence in 2013 resulting in an operational start-up in 2015.
VTTI is a 50/50 joint venture owned by Vitol Holding B.V. in the Netherlands, and MISC Berhad of Malaysia. It owns and operates 11 petroleum product terminals with a gross combined capacity of nearly 6 mln cubic metres. It is also the mother company of VTT Vasiliko Ltd, a Cyprus company planning to build an oil storage terminal at Vasiliko, with an investment of 220 mln euros. The Cyprus venture will create more than 1000 jobs and will have an initial terminal capacity of 345,000 cubic metres for gasoline, diesel, jet fuel and fuel oil. This will increase to 600,000cu.m. in phase 2 of the project, by the end of 2013.