A consortium of Russia’s Summa group and Dutch firm VTTI are building a new oil terminal in Rotterdam port which will act as a storage and transfer location for Russian oil, the Financieele Dagblad reports on Thursday.

The deal, which involves investment of €700m, was signed in the Kremlin in Moscow during a Dutch trade mission to the Russian capital.
Rotterdam port is putting €120m into the project which will boost the region’s role as an oil hub, port chairman Hans Smits is quoted as saying.
Meetings
Prime minister Mark Rutte is leading the three day mission to Russia which includes talks with both prime minister Vladimir Putin and president Dmitry Medvedev.
The business delegation includes Bernard Wientjes, head of the employers’ organisation VNO-NCW, plus senior executives from Shell, Philips, Gasunie and KLM.
The Netherlands is an important trading partner for Russia, with exports totalling some €6bn a year. The Netherlands imports some €14bn a year in Russian goods.