ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 28th Dec, 2022) 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, 51 percent owned by AD Ports Group and 49 percent owned by KMTF, to provide offshore and shipping services for energy companies in the Caspian Sea.
The two parties have also signed an agreement to pool tanker resources.
The joint venture, 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 US$780 million.
By combining AD Ports Group’s diverse portfolio of global maritime services and shallow water offshore expertise with the strong fleet, track record and local knowledge of KMTF, the joint venture will create an essential new entrant in the highly valued Caspian Sea and the Black Sea region.
The endeavour can expect to create opportunities around the region, particularly with the ongoing upgrades of fleets and facilities and some major offshore projects, such as the multi-billion-dollar expansion of the Kashagan field.
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.
The agreement will see KMTF’s fleet working alongside SAFEEN Group’s existing AFRAMAX tanker, intending 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.
The Caspian Sea region is one of the oldest oil-producing areas in the world and is an increasingly important source of global energy production.
Falah Mohammed Al Ahbabi, Chairman of AD Ports Group, said that 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. It 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, stated, “As the world looks for reliable energy sources in challenging conditions, we can 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.”
Capt. Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group, said that 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
