February 12, 2014 [VTTI B.V.] - 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.
