AD Ports forms joint venture with Kazakhstan’s state energy company

AD Ports forms joint venture with Kazakhstan’s state energy company

Abu Dhabi Ports Group, the operator of industrial cities and free zones in the emirate, has signed a shareholder agreement with Kazmortransflot (KMTF), a unit of Kazakhstan’s state energy company KazMunayGas to set up a joint venture.

According to the agreement, AD Ports Group will have a 51% stake in the new entity while KMTF will own 49%.

The new company is expected to offer a range of services, including offshore support and crude oil transport vessels in the Caspian and Black seas, AD Ports Group said in a filing to the Abu Dhabi Securities Exchange.

AD Ports Group, which also signed a vessel-pooling agreement with KMTF, said the companies would aim to jointly transport eight million to 10 million tonnes of crude oil annually in the medium-term.

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