On 4 February 2014 VTTI B.V. transferred its 25% shareholding in the joint venture Shtandart TT B.V., to joint venture partner Summa Group. This means that from that date, VTTI is no longer a shareholder in Shtandart TT B.V., so it does no longer have an equity stake in the Tank Terminal Europoort West (TEW) project in the Port of Rotterdam. The TEW project covers the building and operation of a new major crude and products oil terminal in the Port.

The transfer of shares is in line with contractual arrangements set up between both parties and was decided upon by VTTI due to internal considerations. VTTI is and remains positive about the prospects for the TEW project and will continue its commitment to remain involved in the project as a local partner, supporting the shareholders in the licensing process and construction phase.

About Summa Group

Summa Group, headquartered in Moscow, is a private investment holding company with interests in oil and gas, mining, commercial port operations, engineering, construction and telecoms. Through its holdings in NMTP, Summa Group co-owns Russia's largest crude oil export port Primorsk, and the Port of Novorossisk on the Black Sea.

About VTTI

VTTI, headquartered in Rotterdam, is one of the leading independent tank terminal companies in the world. VTTI owns and operates 11 terminals on 5 continents, with a total storage capacity of 6 million cubic meters. By 2012, VTTI will have 7.3 million cubic meters capacity, going up beyond 8 million cubic meters in 2013 given the existence portfolio of expansion projects. VTTI is a 50/50 joint venture of oil trader Vitol Group and shipping company MISC Berhad.

See the site of Tank Terminal Europoort West