It is an important milestone that allows Shtandart to start execution of this project, including completion of the permitting and contracting of the work on the site. All discussions around issues related to UXO’s (unexploded ordnances) left from WWII, have been successfully concluded. Construction will begin next year and the terminal will become operational in 2016.

On October 20, 2011 the major long-term agreement between the Port of Rotterdam and Shtandart TT B.V. that covers the building and operation of a new major crude and products oil terminal (Tank Terminal Europoort West, TEW) in the Port.

Late in 2010 the Port of Rotterdam announced an open assessment procedure to select a company to construct and operate a new terminal at a site with a total area exceeding 55 hectares.

In this procedure Shtandart TT B.V.was selected by the Port and will build approximately 3 million cubic meters of storage facilities allocated for Urals crude oil and oil products.

Investments are expected to total up to approximately 1 bln. USD. The new terminal will operate as an “open hub” terminal creating a trading platform for Urals crude oil.