Kazakhstan’s port operator Kazmortransflot signs vessel pooling agreement
AD Ports Group recently signed an agreement with Kazakhstan’s KMTF (Kazmortransflot) to launch a joint venture (JV) to provide offshore and shipping services for energy companies in the Caspian Sea and to tender for projects worth over US$ 780mn.
The JV, which will be 51% owned by AD Ports Group and 49% by KMTF, a fully owned offshore logistics and services subsidiary of the Kazakh National Oil Company (KazMunayGas), will look to offer services, including offshore logistics.
At a later stage, the JV will also offer container feedering, Ro-Ro and crude oil transportation in the Caspian Sea and the Black Sea, the Abu Dhabi Stock Exchange-listed AD Ports Group said in a regulatory filing on Wednesday.
AD Ports Group and KMTF also signed a seven-year vessel pooling agreement. The JV includes the provision of several tankers for the transportation of crude oil internationally, with plans to jointly carry 8-10mn tonnes of crude annually in the medium term.
“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,” stated Falah Mohammed Al Ahbabi, Chairman, AD Ports Group.