Summa Group and VTTI to build a major oil terminal in the Port of Rotterdam

A major long-term agreement between the Port of Rotterdam and Shtandart TT B.V. was signed to build and operate a new crude and products oil terminal in the port of Rotterdam - Tank Terminal Europoort West (TEW). Shareholders of Shtandart TT B.V. are Summa Group (75%) and the Dutch company VTTI (25%).
Shtandart TT B.V. will build approximately three million cubic meters of storage facilities allocated for Urals crude oil and oil products. The new terminal will operate as an “open hub” terminal creating a trading platform for Urals crude oil.
Oil will be supplied mainly from Primorsk to Rotterdam by ice-class shuttle tankers. It's envisaged that new terminal may in the future accommodate crude oil from other ports in the Baltic.
After the initial permitting and design process, the construction work for the new terminal is expected to commence in 2013 resulting in an operational start-up in 2015.