ABU DHABI, UAE: AD Ports Group (ADX: ADPORTS) has signed a shareholder settlement with KMTF (Kazmortransflot), a fully-owned offshore logistics and services subsidiary of the Kazakh National Oil Company (KazMunayGas), to launch an unique joint venture, fifty one percent owned by AD Ports Group and forty nine percent owned by KMTF, to present offshore and shipping services for energy companies inside the Caspian Sea.
Furthermore, the 2 events have signed an settlement to pool tanker resources. The joint venture, which will look at investments opportunistically will offer a broad vary of services, together with offshore support vessels, built-in offshore logistics and subsea options and, at a later stage, will offer container feedering, ro-ro and crude oil transportation inside the Caspian Sea and the Black Sea. The enterprise will tender for a variety of recognized projects with estimated maritime contract values of greater than USD780 million.
By combining AD Ports Group’s diverse portfolio of global maritime services and shallow water offshore experience with the strong fleet, track record and native knowledge of KMTF, the three way partnership will create an important new entrant inside the extremely valued Caspian Sea and the Black Sea region.
The endeavour can expect to create alternatives across the region, particularly with the ongoing upgrades of fleets and facilities currently taking place, and a few main offshore projects, such because the multi-billion-dollar expansion of the Kashagan field.
AD Ports Group and KMTF additionally signed a seven-year vessel pooling agreement, the three way partnership includes the provision of a quantity of tankers for the transportation of crude oil internationally.
Furthermore, the settlement will see KMTF’s fleet working alongside SAFEEN Group’s existing AFRAMAX tanker, with intent to purchase additional vessels inside the short-term. The goal is to collectively carry 8-10 million tonnes of crude yearly inside the medium-term.
The Caspian Sea area is one of many oldest oil-producing areas inside the world and is an more and more important supply of global energy production.
H.E. Falah Mohammed Al Ahbabi, Chairman of AD Ports Group, said: “Under the direction of our wise leadership, AD Ports Group is looking to deploy our experience in support of agreements that boost commerce and financial relations with brotherly nations.
This new three way partnership with KMTF opens the door to enormous alternatives inside the Caspian Sea, which performs a key role in global energy production, and is serviced by prominent gamers inside the energy sector. By offering maritime services on this key market, AD Ports Group has reached a brand new level of internationalisation and development.”
Mirzagaliyev Magzum, Chairman, KazMunayGas, said: “This is an alliance of two world class companies who complement every other’s strengths and understanding of the market. As the world looks for dependable energy sources in difficult conditions, we will be able to present a full portfolio of services supported by a contemporary fleet and groups of experts combining native knowledge and global experience. Companies working inside the Caspian Sea oil fields are looking for dependable companions and a broad vary of value-added services. Working together, KMTF and AD Ports Group will present the ideal solution.”
Capt. Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said: “Throughout 2022, AD Ports Group has looked to develop worldwide enterprise pursuits and expand the portfolio of maritime services we’re able to supply customers across the world, in support of the imaginative and prescient of the management of the UAE.
This three way partnership – which is the primary of its kind between a UAE firm and the Kazakh National Oil Company – displays how far and the way briskly we have grown, and the way succesful we now are of offering superior offshore services in key global markets.”