Abu Dhabi Port Group signed a partnership agreement with KMTF Kazakh National Oil Company's Marine and Logistics Services Company "Caz Monay Gas", provides for the launch of a joint venture whose ownership shares are divided by 51% for Abu Dhabi Port Group, and 49% for a company "KMTF", with the aim of providing marine and shipping services to energy companies operating in the Caspian Sea and Black Sea regions, and the two sides have signed an agreement to provide crude oil tankers.
The project, which will seize investment opportunities, offers a range of services including support for marine service vessels, Integrated logistical services for the maritime sector, provision of underwater services, In addition to the provision of regional trans-shipment services for containers, rolled goods and crude oil in the Caspian and Black Sea regions at a later stage and participation in a number of future projects identified through a range of maritime contracts worth more than $780 million.
The project is expected to help provide new opportunities throughout the region, especially in the area of fleet and plant development, and marine projects, including the Kashagan offshore oil field expansion project at a cost of billions of dollars.
Abu Dhabi Ports and KMTF also signed a 7-year agreement through which the joint venture will provide several tankers for international crude oil transport. Under the Convention, KMTF tankers will work with the Sven Group's "Avramax" tankers, with the aim of raising capacity to transport 8-10 million tons of crude oil annually, with plans to acquire more ships in the near future.
