Skip to content Skip to Search
Skip navigation

AD Ports’ new joint venture to target Caspian Sea companies

The joint venture will offer services, including offshore logistics and subsea solutions

State-owned AD Ports Group has signed an agreement with Kazakhstan’s KMTF (Kazmortransflot) to provide offshore and shipping services for energy companies in the Caspian Sea, state-run WAM news agency reported.

The joint venture, which will be 51 percent owned by AD Ports Group and 49 percent by KMTF, a wholly-owned offshore logistics and services subsidiary of the Kazakh National Oil Company (KazMunayGas), will provide services, including offshore logistics and subsea solutions. Container feedering, ro-ro and crude oil transportation in the Caspian Sea and the Black Sea will be offered later.

Furthermore, the JV will tender for several projects worth more than $780 million.

The two companies also signed a seven-year vessel pooling agreement. This includes the provision of several tankers to transport crude oil internationally, with plans to jointly carry eight to 10 million tonnes of crude annually in the medium term.

“The 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.

Earlier this month, Sudan signed a preliminary agreement with a group led by the UAE’s AD Ports Group and Invictus Investment to build and operate the Abu Amama port and economic zone on the Red Sea with a $6 billion investment.

The project, located about 200km north of Port Sudan, would include an economic zone, an airport and an agricultural zone of 415,000 acres.

In February, AD Ports Group raised over $1 billion in an initial public offering.

Latest articles

A solar plant in Uyayna, north of Riyadh. Solar power will contribute to Saudi Arabia's 2030 renewable goal

Renewables target for 2030 in sight for Saudi Arabia

Saudi Arabia will expand its renewable energy output sixfold by 2030 if it continues at its current pace, a survey found this week. But it will need to add 20GW of capacity annually if it is to reach an ambitious government target laid out last year. In December the government set a new target of […]

Saudi Arabia’s GDP in 2025 should rise 6 percent, the IMF has predicted

IMF cuts Saudi GDP growth prediction

The International Monetary Fund (IMF) has cut its estimate for Saudi economic growth in 2024 to 2.6 percent in its most recent World Economic Outlook, but raised its expectation for 2025.  The IMF’s April report says it’s GDP estimate is down from the 2.7 percent in predicted in January. However, the it said that Saudi […]

reducing inflation Egypt Mohamed Maait finance minister

Reducing inflation is Egypt’s top priority, says minister

Reducing inflation in Egypt to align with the central bank’s target is the government’s main priority, the country’s finance minister, Mohamed Maait, has announced. Inflation in Egypt fell to 33 percent in March from 38 percent in September, passing the central bank’s target range of a 5 to 9 percentage point fall. Maait, speaking at […]

The Khazna facility will raise utility Ewec’s total installed solar PV capacity to 5.5 gigawatts

Developers sought for Abu Dhabi’s Khazna solar plant

Emirates Water and Electricity Company (Ewec) is seeking developers to build a 1,500 megawatt solar power facility in Abu Dhabi as the emirate ramps up its green energy drive. The utility has issued a request for proposals to qualified companies that have expressed interest in developing the Khazna Solar Photovoltaic project. A total of 27 […]