Порт на миллиард
Vedomosti, October 21, 2011
Milana Chelpanova
Summa Group, which is behind the consortium that won the tender to build the Tank Terminal Europoort West (TEW) oil-loading terminal in Rotterdam, yesterday gave more details of its project. Ziyavudin Magomedov’s company said that the group and its partner, VTTI, a subsidiary of the Vitol oil trading company, will establish a company in the Netherlands called Shtandart TT B.V, Summa will own 75% and VTTI the remaining 25%.
Shtandart will construct and develop the TEW. A spokesman from Summa says that the terminal – which will cost around $1 billion - will be capable of handling 60 million tons of oil and oil products per year. Construction of the terminal will begin in 2013 and it should be operating by 2015. The group said that a farm of storage tanks for oil and oil products will also be built, with a capacity of 3 million cubic meters. A representative from VTTI confirmed the numbers provided by its partner, but declined further comment.
Shtandart will construct and develop the TEW. A spokesman from Summa says that the terminal – which will cost around $1 billion - will be capable of handling 60 million tons of oil and oil products per year. Construction of the terminal will begin in 2013 and it should be operating by 2015. The group said that a farm of storage tanks for oil and oil products will also be built, with a capacity of 3 million cubic meters. A representative from VTTI confirmed the numbers provided by its partner, but declined further comment.
A representative from Summa said that the company will finance the construction of the terminal with a mixture of its own funds and borrowed capital. He added that it has not yet been determined exactly how much each investor will have to contribute.
The TEW terminal will primarily receive oil from the Port of Primorsk, which reloaded 71.7 million tons of oil in 2010 and is also co-owned by Summa. Bogdan Zykov, an analyst with Broker Credit Service, believes that these investments will pay off fairly quickly, since Summa and Vitol can make money from sales as well as from oil transshipments and storage. Summa stated that the TEW will become a trading platform for Urals crude oil. Summa’s first vice president, Aleksandr Vinokurov said that a decision will be made at the end of the year as to whether the group itself will take part in oil trading.
In order to win the tender, Summa bought OKZ Holding, a company with construction experience at the Port of Rotterdam, but it is not clear if it will take part in building the TEW. Vinkokurov said that a contractor will be chosen during the tender for the construction of the terminal.