JV of Summa Group and VTTI signs land transfer agreement with port of Rotterdam for oil terminal construction
Shtandart TT B.V. (75% controlled by Summa Group and 25% - by VTTI) and Port of Rotterdam Authority have signed an agreement on the transfer of land for the construction of oil terminal Tank Terminal Europoort West within the port territory, press center of Summa Group informs.
The document allows Shtandart to start execution of this project, including completion of the permitting and contracting of the work on the site. All discussions around issues related to UXO’s (unexploded ordnances) left from WWII, have been successfully concluded. The construction will start in 2014, the terminal will become operational in 2016.
Late in 2010, the Port of Rotterdam announced an open assessment procedure to select a company to construct and operate a new terminal at a site with a total area exceeding 55 hectares. In this procedure Shtandart TT B.V. was selected by the Port and will build approximately 3 million cubic meters of storage facilities allocated for Urals crude oil and oil products. Investments are expected to total up to approximately 1 bln. USD. The new terminal will operate as an “open hub” terminal creating a trading platform for Urals crude oil. The general agreement on construction and operation of Tank Terminal Europoort West was signed by the port of Rotterdam and Shtandart TT B.V. on October 20, 2011.
Rotterdam is the largest European port hub with infrastructure dedicated for servicing ocean lines, feeder lines, pipelines, railway and motor transport. Local municipality holds 70.83% of the port’s shares with the state holding 29.17%.
Summa Group is a diversified private holding with significant investments in the port logistics, engineering, construction, telecommunications, and in the oil and gas sectors.
The Group companies employ more than 10,000 people in almost 40 regions of Russia and abroad. Mr. Ziyavudin Magomedov is the founder and shareholder of the Group.
