In order to establish a joint venture (JV) to offer offshore and shipping services for oil companies in the Caspian Sea and to compete for projects totaling more than $780 million, AD Ports Group, which is funded by the sovereign wealth fund ADQ of the UAE, has signed an agreement. 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.
Later, 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 8-10 million 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,” said Falah Mohammed Al Ahbabi, Chairman of AD Ports Group. The deepwater Khalifa Port in Abu Dhabi and the Fujairah port are run by AD Ports Group, which raised over $1 billion in an IPO in early 2022. Additionally, it runs a facility in Guinea and has plans to develop a new port on the Red Sea in Sudan.
