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Russia's Summa Group is planning on building and operating a crude and oil products terminal at the port of Rotterdam, according to Russian news agency Interfax.

Summa Group - previously named Summa Capital - is said to have submitted a bid for the construction project as part of a group of investors.

The project may cost at least $250 million, the news service said, citing unidentified industry experts.

The news follows the announcement last week that Summa Capital has been renamed Summa Group to reflect 'a new stage in the company development.'

“At present the group is one of the most dynamically developing diversified private companies in Russia with long history. Our main goal is to become a company that is capable to implement the most large-scale and complex projects. We are looking to the future with optimism and are constantly searching for new opportunities to grow”, said Ziyavudin Magomedov, the founder of Summa Group, in a statement last Thursday.

Commenting on the key elements of its future plans in the oil and shipping industries, Summa Group said it intends to expand its presence in logistics and become one of the global leaders of the port industry, adding: "Projects in the oil and gas industry are a priority, particularly the ones introducing unique and innovative solutions."