Plans to build a three million m3 crude oil storage terminal in the Port of Rotterdam have been cancelled.
Investment company the Summa Group and the Port of Rotterdam Authority have pulled out of the contract for the construction of Tank Terminal Europoort West. The terminal was intended for the transport of Urals crude oil and oil products.
The port authority drew up a contract with Shtandart TT and the site was handed over to them at the beginning of 2013 for construction. By early 2015, all the necessary building and environmental permits were in place.
The contract included agreements on the schedule and quantities of crude oil and oil products that would be handled at the terminal.
Shtandart TT initiated discussions on the feasibility of the project, which resulted in the decision to terminate the joint project.
The Port Authority says that it may be possible to develop the terminal project with another interested party now that the site is available again given the ‘highly dynamic nature of the global oil sector, including that in Russia, and developments in the handling of oil products in Rotterdam’.
The authority says: ‘The Port Authority is convinced that the termination of the Shtandart contract will not have an effect on the substantial volumes of crude oil and mineral oil products that are being shipped between Russia and Rotterdam.’