Breaking News

AD Ports Group partners with Kazakh National Oil Company, Ministry of Industry and Infrastructural Development

January 19, 2023
oil and gas

ABU DHABI, 18th January, 2023 (WAM) -- In the presence of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Kassym-Jomart Tokayev, President of the Republic of Kazakhstan, AD Ports Group signed a strategic partnership agreement with Kazakh National Oil Company (KazMunayGas) and a Memorandum of Understanding (MoU) with the Kazakhstan Ministry of Industry and Infrastructural Development for strategic cooperation in developing a marine fleet and coastal infrastructure in the Caspian and Black Seas.

The agreements build on the shareholder agreement signed in December with KMTF (Kazmortransflot), a subsidiary of KazMunayGas, to launch an exclusive joint venture to provide offshore services for energy companies in the Caspian Sea.

The new agreements signal a significant expansion for AD Ports Group in Central Asia and Kazakhstan, a major market for energy, transport and logistics that continues to gain in strategic importance as a key trade route between Europe and Asia.

Under the terms of the strategic partnership agreement with KazMunayGas, the two companies will review opportunities to collaborate on a broad range of projects in the area, including the development of a new fleet of shallow-water vessels to support offshore operations in the Caspian Sea and the development of a tanker fleet to support the export of Kazakh oil.

There is also potential for the joint venture to participate in bulk cargo transportation, reviewing opportunities to build or acquire bulk cargo vessels in support of that enterprise. AD Ports Group will also look to develop bespoke training and development programmes for Kazakh teams via Abu Dhabi Maritime Academy.

The MoU with the Ministry of Industry and Infrastructural Development will see AD Ports Group look to collaborate on developing international trade and transport corridors through the Republic of Kazakhstan, potentially developing port and logistics facilities and enhancing the national maritime fleet.

AD Ports Group sees the launch of collaborative ventures in the Central Asian region as a key strategic priority, as a major source of growth and in support of key trading partners of the UAE. Furthermore, these agreements have significant potential to stimulate job creation and growth of the Kazakh economy.

Falah Mohammed Al Ahbabi, Chairman of AD Ports Group, said, “We are honoured to have President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Kassym-Jomart Tokayev, President of the Republic of Kazakhstan, witness this significant event. This wide-ranging and far-sighted partnership agreement, which is the first of its kind between a UAE company and KazMunayGas, aligns with the strategic priorities of the UAE and establishes a strong platform for growth in Kazakhstan and the wider region. We are also pleased to work with the Ministry of Industry and Infrastructural Development on developing international trade and transport corridors.”

Marat Karabayev, Minister of Industry and Infrastructure Development of the Republic of Kazakhstan, stated, “We welcome these agreements, which represent an important step forward in the fraternal economic relationship between the Republic of Kazakhstan and the UAE. We see significant potential in developing port and logistics facilities in Kazakhstan to enhance our role as a trade corridor and increase export opportunities for our companies. We are pleased to work with AD Ports Group on these projects, building on their expertise to develop integrated ports, trade and logistics hubs in key strategic locations.”

Mirzagaliyev Magzum, Chairman of KazMunayGas, commented, “We are delighted to strengthen our strategic partnership with AD Ports Group, which offers robust capabilities in logistics, maritime, ports and digital services, with a particular focus on the energy sector. Bringing together our two businesses provides an opportunity to address some of the long-term challenges and opportunities of managing growing volumes of exports on the Caspian and Black Seas and to develop port and fleet resources to serve oil and gas exploration and production. We see a bright future for this joint venture, which will significantly contribute to Kazakhstan's economic and infrastructure development.”

Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, added, “AD Ports Group sees a major opportunity to contribute to the development of trade corridors across the Central Asia region, and this historic collaboration with KazMunayGas provides us with a solid foundation for growth in one of the most important markets. We thank the UAE’s leadership for their support in developing this collaboration and look forward to delivering comprehensive solutions in support of Kazakhstan’s energy and maritime sectors.”

wam

Top News



oil and gas

Dubai records 5.5% growth in energy dema...
February 2, 2023
UAE: Petrol, diesel prices for February ...
February 1, 2023
UAE has 11 IPOs worth $2.2bln in the pip...
January 25, 2023