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Summa Signs Contract to Build $1 Billion Rotterdam Oil Terminal

Summa Group, a Russian port operator and construction company, signed a contract to build and operate a $1 billion oil terminal in Rotterdam, Chairman Ziyavudin Magomedov said.

Construction may begin in 2013 with the terminal scheduled to start operating in 2015, First Vice President Alexander Vinokurov said today in Moscow. Magomedov and Vinokurov spoke after a signing ceremony attended by Dutch Prime Minister Mark Rutte and Russian President Dmitry Medvedev at the Kremlin.