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The President of Russia, Dmitry Medvedev and the Prime Minister of the Netherlands Mark Rutte attended the signing ceremony for a major long-term agreement between the Port of Rotterdam and Shtandart TT B.V. Shareholders of Shtandart TT B.V. are Summa Group (75%) and the Dutch company VTTI (25%).

The agreement, which was signed by the Summa Group Chairman Ziyavudin Magomedov and the President of the Port of Rotterdam Hans Smits, covers the building and operation of a new major crude and products oil terminal (Tank Terminal Europoort West, TEW) in the port of Rotterdam. The CEO of VTTI, Rob Nijst, was also present at the signing ceremony.

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.

Oil will be supplied mainly from Primorsk to Rotterdam by ice-class shuttle tankers. It is envisaged that new terminal may in the future accommodate crude oil from other ports in the Baltic. Regional and local refineries, as well as other market participants, will be able to purchase Urals crude oil ex-tank or FOB Rotterdam.

"This new development reinforces the importance of Port of Rotterdam as a major logistics centre in the international oil trade," VTTI said in a statement.

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.