The new joint venture provides marine services and crude oil transportation to a number of energy companies operating in the Caspian Sea and the Black Sea.
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ABU DHABI, 28th December, 2020 (WAM) — The Abu Dhabi Ports Group has signed a partnership agreement with KMTF (Kazmortransflot), the marine and logistic services company of the Kazakh National Oil Company, KazMoney Gas, providing for the launch of an exclusive joint venture, in which ownership shares will be distributed by 51 percent. 49% for Abu Dhabi Ports Group and 49% for KMTF, with the aim of providing marine and shipping services to energy companies operating in the Caspian and Black Sea regions. The two sides also signed an agreement to provide crude oil tankers.
The project, which will seize the available investment opportunities, provides a wide range of services, including support for marine service vessels, integrated logistics services for the maritime sector, provision of underwater services, in addition to providing regional transshipment services for containers, rolled goods and crude oil in the Caspian Sea and the Black Sea in the region. A later stage, in addition to participating in a number of future projects identified through a number of marine contracts worth more than 780 million US dollars.
The complementarity of Abu Dhabi Ports Group’s diversified portfolio of global marine services on the one hand, and the shallow water operations, strong fleet and impressive track record of success, and KMTF’s deep knowledge of the local market on the other hand, makes the new joint venture a key player. in the Caspian and Black Seas.
The project is expected to help create new opportunities throughout the region, especially in the field of development work currently underway for fleets and facilities, and marine projects, including the Kashaghan offshore oil field expansion project at a cost of several billion dollars.
The Abu Dhabi Ports Group and KMTF have also signed a seven-year agreement under which the joint venture will provide several tankers to transport crude oil internationally. Under the agreement, the KMTF tankers will work with an Aframax tanker belonging to the Seven Group, with the aim of increasing the capacity so that the two parties can transport 8-10 million tons of crude oil annually, with plans to acquire more ships within the next few years. near future.
The Caspian Sea region is one of the oldest oil-producing regions in the world and one of the most important sources of the global energy market.
His Excellency Falah Mohammed Al Ahbabi, Chairman of the Board of Directors of Abu Dhabi Ports Group, affirmed the group’s aspiration to employ its expertise to support the agreement in a way that enhances trade and economic relations with friendly countries in accordance with the directives of the wise leadership of the state.
He said, “This joint venture with KMTF opens the door to wide opportunities in the Caspian Sea region, vital for global energy production, in which a number of giant international companies operate in this sector.”
He added, “The provision of marine services in this major market constitutes a new start for the Abu Dhabi Ports Group towards globalization and the continued development of its business.”
For his part, Mirzagaliyev Magzum, Chairman of the Board of Directors of “Kazmonay Gas” said: “This agreement is an alliance between two global companies and allows the integration of unique capabilities and extensive knowledge and understanding of market needs. With the world’s aspiration for stable energy sources, we will be able to provide an integrated portfolio of supported services With a modern fleet and teams of experts with extensive knowledge locally and globally.
He added, “Companies operating in the oil fields in the Caspian Sea region are keen to find reliable partners and value-added services, and there is no doubt that KMTF and Abu Dhabi Ports Group provide the ideal solution for that.”
In turn, Captain Mohamed Juma Al Shamsi, Managing Director and CEO of Abu Dhabi Ports Group, confirmed that the group focused during 2022 on expanding its business and the portfolio of marine services it provides to its customers around the world, in a way that supports the vision of the wise leadership of the country.
He said, “This agreement is the first of its kind between the Abu Dhabi Ports Group and the Kazakh National Oil Company, and embodies the volume of growth that we have achieved over a short period of time, and highlights the extent to which our capabilities have reached in the field of offshore services provided to major global markets.”
