Mubasher TV
Contact Us Advertising   العربية

AD Ports unveils $35m joint investment in Kazakhstan

AD Ports unveils $35m joint investment in Kazakhstan
Photo Archive
AD Ports Group
ADPORTS
2.47% 5.81 0.14

Abu Dhabi – Mubasher: AD Ports Group collaborated with KazMorTransFlot (KMTF), a fully-owned offshore logistics and services subsidiary of Kazakhstan-based Kazakh National Oil Company (KazMunayGas), to acquire and operate two new vessels.

The new oil tankers, which were secured at a combined investment of $35 million, are designed for the transportation of Kazakhstan's oil across the Caspian Sea, according to a press release.

The vessels were named Liwa and Taraz after ancient cities in the UAE and Kazakhstan, respectively. 

They were acquired under the Caspian Integrated Maritime Solutions (CIMS), a joint venture (JV) between the ADX-listed group and KazMorTransFlot (KMTF) that aims to provide offshore and shipping services for commodity exporters in the Caspian.

This brings the total number of oil tankers operating under the KMTF agreement to five, following the acquisition of three Aframax tankers earlier in 2023.

AD Ports highlighted that the vessels play a key role in its strategic expansion into this crucial maritime corridor, as they boost the group’s focus on shipping operations and commitment to facilitating the movement of goods and resources across a broader global network.

In line with international regulations, the vessels are equipped with inert gas systems to ensure safety and security during oil transportation.

They will serve as shuttle tankers, undertaking consecutive voyages to move Kazakhstan's oil to Azerbaijan. Hence, they will contribute to the diversification of the transportation routes for oil for onward delivery to the world through the Mediterranean or Black Sea.

Ammar Mubarak Al Shaiba, CEO – Maritime & Shipping Cluster, AD Ports, said: "As we expand our footprint into shipping and global networks, we are not only ensuring the safe and efficient transport of Kazakhstan's oil but also setting a precedent to guide safety and security advances in the maritime industry."

Aidar Orzhanov, General Director of KMTF, commented: “We are implementing this project together with our strategic partner AD Ports in accordance with the task of the President of the Republic of Kazakhstan K.K.Tokayev, to create alternative routes for transportation of Kazakhstani oil.”

“This will allow us to efficiently, and safely transport Kazakhstani oil in Caspian Sea for further shipment to international markets,” Orzhanov added.

In the first nine months (9M) of 2023, AD Ports registered net profits attributable to the owners valued at AED 997.72 million, higher than AED 917.05 million in 9M-22.