Russian Oil Terminal in Port of Rotterdam

Russian Oil Terminal in Port of Rotterdam

Russian company Summa and Dutch storage business VTTI have confirmed the construction of a new oil terminal in the Port of Rotterdam after the signing of the land transfer agreement by the partners of the Shtandart joint-venture and the Port of Rotterdam Authority. The announcement was made by Minister Kamp of Economic Affairs in a television interview.

‘The signing of this agreement means a serious investment for Rotterdam and the Netherlands which will generate income and jobs here’, said Minister Kamp. ‘The deal also illustrates the strong trade relations between Russia and the Netherlands.’ The terminal represents an investment of approximately 800 million Euros. Construction will begin in 2014 and the project is scheduled to be completed in 2016. Thirty percent of crude oil and forty five percent of oil products entering Rotterdam originate from Russia, making it by far the most important supplier.

Key trade and investment partner of Russia
The plans were already announced by Shtandart and the Port of Rotterdam Authority in 2011. However, the project faced delays, partly due to problems in obtaining the necessary permits. Following discussions with Russian Deputy Prime Minister Dvorkovich, Minister Kamp was able to remove the obstacles to the investment.The Netherlands enjoys a strong international position, and is a key trade and investment partner of Russia. In 2011 imports from Russia to the Netherlands amounted to 16.6 billion Euros and exports to Dutch exports to Russia amounted to 6.4 billion Euros. Russia was the third largest destination for Dutch exports outside Europe after America and China.

On Monday 8 April Minister Kamp addressed Dutch and Russian entrepreneurs at a meeting attended by Russian President Putin. Internationally operating companies such as Shell, Gasunie, Van Oord and Boskalis continue to show interest in further expanding their trade relations with Russia.

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