Page 17 - FSUOGM Week 02 2023

FSUOGM PROJECTS & COMPANIES FSUOGM

Abu Dhabi, Kazakh partners

form shipping JV

KAZAKHSTAN ABU Dhabi-based AD Ports Group has reached AD ports will integrate its various global mari-
a shareholder agreement with Kazakh logistics time services and shallow-water offshore exper-
The joint venture will firm Kazmotransfloat (KMTF), a unit of state- tise with KMTF’s fleet, track record and local
assist with oil transport owned Kazmunaygaz (KMG), on forming an knowledge.
in the Caspian Sea. exclusive joint venture, the two companies AD Ports and KMTF have also signed a sev-
announced on January 2. en-year vessel pooling agreement, under which
The new JV would provide shipping services the JV will include the provision of several tank-
in the Caspian Sea, where significant oil trade ers for global crude oil transport. KMTF’s fleet
takes place from Kazakhstan and Turkmenistan will also join forces with SAFEEN Group’s exist-
to Azerbaijan for onward transport to Western ing Aframax tanker in order to purchase addi-
import markets. Kazakhstan is looking to deliver tional vessels in the short term. It also intends
more of its crude to market through the sea as to jointly carry between 8 and 10mn tonnes per
a result of disruptions over the past year to its year (tpy) of crudes in the medium term.
exports via the Caspian Pipeline Consortium “This new joint venture with KMTF opens
pipeline that runs through Russia. the door to enormous opportunities in the
In addition, the JV will provide offshore Caspian Sea, which plays a key role in global
support vessels, integrated offshore logistic and energy production, and is serviced by promi-
subsea solutions and, at a later stage, container nent players within the energy sector,” AD Ports
feedering as well as roll-on/roll-off services chairman Falah Mohammed Al Ahbadi said in
across the Caspian Sea and the Black Sea. AD a statement.
Ports will have a 51% stake in the partnership, “As the world looks for reliable energy sources
while KMTF will control the remaining 49%. in challenging conditions, we will be able to pro-
The two parties have also signed a deal to vide a full portfolio of services supported by a
gather tanker resources, and KMTF will file a modern fleet and teams of experts combining
tender for identified projects with estimated local knowledge and global experience,” KMG
maritime contract values of more than $780mn. chairman Mirzagaliyev Magzum added. ™

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