Summa Group eyes oil terminal in Rotterdam
Investment Group Summa is planning to commission an oil terminal in the port of Rotterdam until 2015, RIA Novosti reported.
Currently, Shtandart TT B.V., a JV of Summa Group (owned by Russian businessman Ziyavuddin Magomedov) and Dutch VTTI is in the process of obtaining all necessary environmental permits and licenses from local authorities, said Luis Coimbra, adviser to Chairman of the Group's Board of Directors.
On October 20, 2011 Summa Group signed a general agreement with the Rotterdam Port Authority to build and operate Tank Terminal Europort West (TEW). According to the agreement Shtandart TT B.V. will invest US$1 billion in construction of tank farm about 3 million cbm for Urals Crude Oil and petroleum products.
The new terminal will operate as an "open hub" for Urals oil exports from Russia. Construction of the facility will begin in 2013. The commodity will be shipped to Rotterdam, largely from the port of Primorsk (part of NCSP Group) on board of ice class shuttle tankers.
