Russian investment group Summa Capital, and VTTI – a branch of oil trading giant Vitol – have won a tender to build an oil loading terminal in Rotterdam in Holland.
This is the first time a Russian company wins such a large scale competition in the open market, which will basically increase the volume of oil shipments through the largest European port by 50%. Summa Capital says the move will see Russian oil become a bigger player in European trading.
“The terminal will be operating as an open hub: and this meansthat the firstmarket for Russia’s physical oil will be set up, as well as futures and forward markets for Urals, which means one will be able to trade in this brand separately from Brent.”