The construction of a new oil terminal in the west of Rotterdam’s Europort will definitely go ahead, economic affairs minister Henk Kamp told a television talk show on Sunday.

The Shtandart project is a joint venture between Russian company Summa and Dutch tank storage group VTTI. The plans date from 2011 but planning permission has only just been granted.

‘The signing of this agreement means a serious investment for Rotterdam and the Netherlands,’ Kamp said. Construction work will begin in 2014 and the terminal is slated for completion in 2016. The total investment is put at €800m.

Some 30% of the crude oil and 45% of the oil products which are shipped to Rotterdam come from Russia, Kamp said.