Putin’s Ambitions for Urals Seen in Rotterdam Tanks: Freight
This article is for subscribers only.
Prime Minister Vladimir Putin has been calling for Russia, the world’s largest oil producer, to narrow the price gap between its Urals export crude and the Brent benchmark since 2005. A $1 billion terminal in Rotterdam may help achieve that goal.
Summa Group, a shareholder in Russia’s biggest oil-export terminals, in Novorossiysk and Primorsk, is investing in a 3 million-cubic-meter facility. It will expand liquids capacity at Europe’s largest port by about 10 percent, said Summa First Vice President Alexander Vinokurov. Vitol Group, the world’s biggest independent oil trader, is a partner in the project.