Vitol & Summa To Build Oil Terminal in Rotterdam

  The consortium of Vitol Tank Terminals International (VTTI) and Summa, controlled by businessman Ziyavudin Magomedov, have won a tender for the rights to build the 55-hectare terminal Tank Terminal Europoort West, which is expected to take on a significant share of global oil trade.

Russian investment group Summa Capital and a branch of oil trading giant Vitol, VTTI, will build the oil terminal in Rotterdam. The total investment volume may reach $1 billion, a source in the transportation market has told Reuters. Russia's ports operator Global Ports (GLPRq.L) also participated in the competition in a consortium with Dutch ports operator Royal Vopak . VTTI is a 50/50 venture between Vitol and Malaysian shipping company MISC Bhd , the shipping arm of state oil firm Petronas.

PetrolWorld 201011  Source: Reuters