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
by Neesha Salian
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."
Discover more about our collaboration with KazMorTransFlot, a fully owned subsidiary of KazMunayGas, to provide offshore services and crude transportation for energy companies in the Caspian Sea and Black Sea regions.#ADPortsGroup #Agreement #JointVenture #Kazakhstan pic.twitter.com/Xv4nm2FcS8
— AD Ports Group (@ADPortsGroup) December 28, 2022
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.
AD Ports Group Kazakh National Oil Company Logistics shipping
Neesha Salian December 29, 2022
Abu Dhabi, Trade
AD Ports Group signs MoU with Türkiye's Tosyalı
Infrastructure, Tourism
AD Ports Group, Aqaba Development Corporation inaugurate Aqaba Cruise Terminal
Logistics, Transport
AD Ports Group forms JV with Angola's UNICARGAS
Dubai's DP World and Maersk enter long-term partnership at Jebel Ali port