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Abu Dhabi-based AD Ports Group, a major facilitator of global trade, has signed an agreement with Kazmortransflot (KMTF) to form a joint venture (JV) to provide offshore and shipping services to energy companies in the Caspian and Black Seas.
The joint venture is 51% owned by AD Ports Group and 49% by KMTF, the wholly owned marine logistics and services subsidiary of KazMunayGas.
In addition, the two sides also signed an oil tanker resource sharing agreement.
The joint venture will seek investment opportunities and provide a wide range of services, including offshore support vessels, integrated offshore logistics and subsea solutions, and in the future will also provide container feeder lines, ro-ro and crude oil transportation in the Caspian Sea and Black Sea.
The business will bid for projects with maritime contracts estimated to be worth more than AED 2.8 billion (US$ 762 million).
By combining AD Ports Group’s diverse global maritime services portfolio and shallow water offshore expertise with KMTF’s strong fleet, track record and local knowledge, the joint venture will create new opportunities in the highly valuable Caspian and Black Sea regions .
AD Ports Group and KMTF also signed a seven-year vessel pool agreement, which includes the provision of tankers for international crude oil transportation. Under the agreement, KMTF’s fleet will work alongside Safeen Group’s existing AFRAMAX tankers, with the aim of acquiring more vessels. The goal is to collectively ship 8-10 million tons of crude oil per year in the next few years.
The Caspian Sea region is one of the world’s oldest oil-producing regions and an increasingly important source of global energy production.
Falah Mohammed Al Ahbabi, Chairman of AD Ports Group, said: “Under the guidance of our wise leadership, AD Ports Group is looking to use our expertise to support agreements that promote trade and economic relations with brotherly countries. The new company with KMTF “The joint venture opens the door to enormous opportunities in the Caspian Sea, which plays a key role in global energy production and is serviced by big names in the energy sector. By providing ocean freight services in this key market, AD Ports Group has reached a new internationalization and level of development.”
Mirzagaliyev Magzum, Chairman of KazMunayGas, said: “This is an alliance of two world-class companies that complement each other’s strengths and understanding of the market. As the world looks for reliable energy under challenging conditions, we will be able to provide A comprehensive service portfolio backed by a fleet of vessels and expert teams that combine local knowledge with global experience. Companies operating in the Caspian Sea oilfields are looking for a reliable partner and a wide range of value-added services. KMTF and AD Ports Group have joined forces to would provide the ideal solution.”
Captain Mohamed Juma Al Shamisi, Managing Director and Group Chief Executive Officer, AD Ports Group, said: “Throughout 2022, AD Ports Group has been looking to develop international commercial interests and expand the portfolio of maritime services we are able to offer to clients globally, in support of the UAE’s Leadership’s vision. This joint venture is the first of its kind between the UAE company and Kazakhstan’s national oil company and reflects the extent and speed with which we have grown and the fact that we now offer advanced offshore services in key global markets Ability.” – trade arab news agency
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