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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