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Oct. 20 (Bloomberg) -- Summa Group, a Russian port operator and construction company, signed a contract to build and operate a $1 billion oil terminal in Rotterdam, Chairman Ziyavudin Magomedov said.
Construction may begin in 2013 with the terminal scheduled to start operating in 2015, First Vice President Alexander Vinokurov said today in Moscow. Magomedov and Vinokurov spoke after a signing ceremony attended by Dutch Prime Minister Mark Rutte and Russian President Dmitry Medvedev at the Kremlin.
The terminal is expected to become a European trading hub for Urals, Russia’s benchmark export crude, the Kremlin said yesterday in an e-mailed statement. Summa and its partner in the project VTTI, a terminal operator half owned by energy trader Vitol Group, plan to build about 3 million cubic meters of capacity for Urals and oil products, according to a company statement distributed to reporters today.
Most of the oil will be supplied via Russia’s Primorsk port, accoring to the statement. The terminal will have an area of 55 hectares.
Summa holds 75 percent of the Shtandart TT BV, the venture formed for the project, and VTTI owns the rest.
--Editors: Torrey Clark, Alex Devine
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