UAE-based AD Ports Group and KMTF (Kazmortransflot), an offshore logistics and services subsidiary of the Kazakh National Oil Company (KazMunayGas), have signed a deal to launch a joint venture that will provide offshore and shipping services for energy companies in the Caspian Sea.
The joint venture will be 51 percent owned by AD Ports Group and 49 percent owned by KMTF. The two companies also signed a deal 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 USD780 million," AD Ports said.
"The endeavor 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 said.
AD Ports Group and KMTF also signed a seven-year vessel pooling agreement, where 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, 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.
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