AD Ports Group penned a shareholder agreement with Kazmotransflot (KMTF), a fully-owned offshore logistics and services subsidiary of Kazakhstan-based Kazakh National Oil Company (KazMunayGas), to create an exclusive joint venture (JV).

The new entity aims to provide energy companies in the Caspian Sea with offshore and shipping solutions, according to a press release.

It will also secure a number of services, including offshore support vessels, integrated offshore logistics and subsea solutions. Later on, the JV will offer container feedering, in addition to ro-ro (roll-on/roll-off) and crude oil transportation across the Caspian Sea and the Black Sea.

AD Ports will hold a 51% stake in the joint project, while KMTF will own the remaining 49% equity.

In addition, the two parties inked a deal to gather tanker resources. KMTF will submit a tender for identified projects with estimated maritime contract values exceeding $780 million.

AD Ports will integrate its various portfolio of global maritime services and shallow water offshore expertise with KMTF's fleet, track record, and local knowledge.

The new JV is expected to secure opportunities around the region, especially with the current ongoing upgrades of fleets and facilities, as well as key offshore projects, such as the multi-billion-dollar expansion of the Kashagan field.

Moreover, AD Ports and KMTF signed a seven-year vessel pooling agreement, under which the JV will include the provision of several tankers for the transportation of crude oil worldwide.

Under the contract, KMTF’s fleet will join forces with SAFEEN Group’s existing Aframax tanker in order to acquire additional vessels in the short-term. It also aims to jointly carry between 8 and 10 million tonnes of crude annually in the medium-term.

Falah Mohammed Al Ahbabi, Chairman of AD Ports Group, said: “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, and is serviced by prominent players within the energy sector.”

Al Ahbabi continued: “By providing maritime services in this key market, AD Ports has reached a new level of internationalisation and development.”

Mirzagaliyev Magzum, Chairman of KazMunayGas, indicated: “As the world looks for reliable energy sources in challenging conditions, we will be able to provide a full portfolio of services supported by a modern fleet and teams of experts combining local knowledge and global experience.”

Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports, noted: “This joint venture – which is the first of its kind between a UAE company and the Kazakh National Oil– reflects how far and how fast we have grown, and how capable we now are of providing advanced offshore services in key global markets.”

In the first nine months (9M) of 2022, the ADX-listed firm reported net profits attributable to the equityholders worth AED 917.05 million, a hike from AED 590.04 million during the same period in 2021.

Source:Mubasher

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