Abu Dhabi, UAE–AD Ports Group 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 to provide offshore and shipping services for energy companies in the Caspian Sea.
AD Ports, which will own 51 percent, and KMTF, which owns 49 percent, also signed an agreement to pool tanker resources.
The joint venture will offer services like 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 thanS$780 million, AD Ports said.
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. The agreement will see KMTF’s fleet working alongside SAFEEN Group’s existing AFRAMAX tanker, intending to acquire further vessels in the short term. The objective is to jointly carry 8-10 million tons of crude annually in the medium term.