AD Ports and Kazakhstan National Oil Company's subsidiary KMTF (Kazmortransflot) have formed a new joint venture to provide offshore and shipping services for energy companies operating in the Caspian and Black Seas.
According to KMFT, additional services, such as integrated offshore logistics and subsea solutions, as well as container feeder, ro-ro and crude oil transportation are expected at a later stage.
Moreover, the enterprise will tender for a number of identified projects with estimated maritime contract values of more than US$780 million.
AD Ports holds a 51% stake in the new joint venture, while KMTF has the remaining 49%. The two parties have also signed a seven-year vessel pooling agreement.
The agreement includes the provision of several tankers for the international transportation of crude oil and also the collaboration effort from KMTF’s fleet and SAFEEN Group’s existing AFRAMAX tanker, with the intent to acquire further vessels in the short-term.
H.E. Falah Mohammed Al Ahbabi, chairman of AD Ports Group, stated, "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."
AD Port and KMFTE aim to collectively transport 8-10 million tonnes of crude annually in the medium-term.
