The Port of Rotterdam and Shtandart TT 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%).
Shtandart TT will build 3 million m3 of storage facilities allocated for Urals crude oil and oil products. Investments are expected to total $1 billion (€0.75 billion). The new terminal will operate as an open hub terminal creating a trading platform for Urals crude oil.
Construction is expected to begin 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 million m3.