MoU signed to boost global energy logistics services

AD Ports Group 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, said reports. 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.
AD Ports Group and KMTF also signed a seven-year vessel pooling agreement, the joint venture includes the provision of several tankers for the transportation of crude oil internationally. Furthermore, the agreement will see KMTF’s fleet working alongside SAFEEN Group’s existing AFRAMAX tanker, with intent to acquire further vessels in the short-term. The objective is to jointly carry 8-10 million tonnes of crude annually in the medium-term.