Abu Dhabi: AD Ports Group, the leading facilitator of global trade, logistics, and industry, 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.
The new firm, 51 percent owned by AD Ports Group and 49 percent owned by KMTF, will provide offshore and shipping services for energy companies in the Caspian Sea. In addition to this, the two parties signed an agreement to pool tanker resources.
The joint venture will look at investments opportunistically to 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 $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 important 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 currently taking place, 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.
Furthermore, the agreement will see KMTF’s fleet working alongside SAFEEN Group’s existing AFRAMAX tanker, with 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. 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.