Summa Group acquired a 25% stake in Shtandart TT B.V. from VTTI, operator for the oil terminal construction project in the Port of Rotterdam, the company says. As a result Summa Group consolidated 100 % shares of Shtandart TT B.V. As previously noted Shtandart TT B.V. rents about 55 hectares of land in Port of Rotterdam (the agreement was signed in April 2013), where the terminal for crude oil and oil products with total storage capacity of more than 3 million cubic meters will be built. The company is currently expecting the final permissions for terminal construction, as well as conducting preliminary negotiations with potential contractors.
Rotterdam is the largest European port hub with infrastructure dedicated for servicing ocean lines, feeder lines, pipelines, railway and motor transport. Local municipality holds 70.83% of the port’s shares with the state holding 29.17%.
Summa Group is a diversified private holding with significant investments in the port logistics, engineering, construction, telecommunications, and in the oil and gas sectors.
The Group companies employ more than 10,000 people in almost 40 regions of Russia and abroad. Mr. Ziyavudin Magomedov is the founder and shareholder of the Group.