AD Ports inks deals with Kazakh National Oil Company subsidiary AD Ports inks deals with Kazakh National Oil Company subsidiary
Now Reading
AD Ports Group inks deals with Kazakh National Oil Company subsidiary

AD Ports Group inks deals with Kazakh National Oil Company subsidiary

The new joint venture will provide offshore services as well as crude transportation for energy companies operating in the Caspian Sea and the Black Sea

Avatar
AD Ports Group inks deals with Kazakh National Oil Company subsidiary

AD Ports Group has signed a shareholder agreement with KMTF (KazMorTransFlot), a fully-owned offshore logistics and services subsidiary of the Kazakh National Oil Company (KazMunayGas), to launch an exclusive joint venture (JV). Fifty-one per cent of the JV will be owned by AD Ports Group and 49 per cent by KMTF.

The JV, which will look at investments opportunistically will offer a broad range of services, including offshore support vessels, integrated offshore logistics, and subsea solutions, and, at a later stage, will offer container feedering, ro-ro and crude oil transportation in the Caspian Sea and the Black Sea.

The enterprise will tender for a number of identified projects with estimated maritime contract values of more than $780m.

Falah Mohammed Al Ahbabi, chairman of AD Ports Group, said: “This new joint venture with KMTF opens the door to enormous opportunities in the Caspian Sea, which plays a key role in global energy production, and is serviced by prominent players within the energy sector. By providing maritime services in this key market, AD Ports Group has reached a new level of internationalisation and development.”

Mirzagaliyev Magzum, chairman, KazMunayGas, said: “As the world looks for reliable energy sources in challenging conditions, we will be able to provide a full portfolio of services supported by a modern fleet and teams of experts combining local knowledge and global experience. Companies operating in the Caspian Sea oil fields are looking for reliable partners and a broad range of value-added services. Working together, KMTF and AD Ports Group will provide the ideal solution.”

Captain Mohamed Juma Al Shamisi, MD and group CEO, AD Ports Group, said: “Throughout 2022, AD Ports Group has looked to grow international business interests and expand the portfolio of maritime services we are able to offer customers around the world, in support of the vision of the leadership of the UAE. This  joint venture – which is the first of its kind between a UAE company and the Kazakh National Oil Company – reflects how far and how fast we have grown, and how capable we now are of providing advanced offshore services in key global markets.”

AD Ports Group and KMTF also signed a seven-year vessel pooling agreement, the joint venture includes the provision of several tankers for the transportation of crude oil internationally. Furthermore, the agreement will see KMTF’s fleet working alongside SAFEEN Group’s existing AFRAMAX tanker, with the intent to acquire further vessels in the short term.

The objective is to jointly carry 8-10 million tonnes of crude annually in the medium term.

You might also like

© 2021 MOTIVATE MEDIA GROUP. ALL RIGHTS RESERVED.

Scroll To Top