AD Ports Group signs major agreements with Kazakh National Oil Company subsidiary

AD Ports Group signs major agreements with Kazakh National Oil Company subsidiary

Abu Dhabi, UAE – AD Ports Group (ADX: ADPORTS), the leading facilitator of global trade, logistics, and industry, 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, 51 percent owned by AD Ports Group and 49 percent owned by KMTF, to provide offshore and shipping services for energy companies in the Caspian Sea.

Furthermore, the two parties have signed an agreement to pool tanker resources.

The joint venture, which will look at investments opportunistically will offer a broad range of services, including 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 than USD780 million.

By combining AD Ports Group’s diverse portfolio of global maritime services and shallow water offshore expertise with the strong fleet, track record and local knowledge of KMTF, the joint venture will create an important new entrant in the highly valued Caspian Sea and the Black Sea region. The endeavour can expect