Shtandart TT and Port of Rotterdam Authority have terminated the contract for the construction of Tank Terminal Europoort West.
The terminal, which ultimately would have had a capacity of over 3 million cbm, was intended for transit of Urals crude oil and oil products.
The contract between the Port Authority and Shtandart TT, which was concluded four years ago, included agreements on the schedule and the quantities of crude oil and oil products that would be handled at the terminal. However, Shtandart TT has recently initiated discussions on the feasibility of the project in the light of the current oil market and EU sanctions against Russia over the latter’s role in the Ukraine conflict.
Rotterdam Port Authority issued a statement, saying: “Considering the highly dynamic nature of the global oil sector, including that in Russia, and developments in the handling of oil products in Rotterdam, the Port Authority believes it may be possible to develop the terminal concept with another interested party now that the site is available again.”