Abu Dhabi –  AD Ports Group sealed a strategic partnership agreement with Kazakh National Oil Company (KazMunayGas) and a memorandum of understanding (MoU) with Kazakhstan’s Ministry of Industry and Infrastructural Development.

Through the partnership, the UAE-based firm aims to develop a marine fleet and coastal infrastructure in the Caspian and Black seas, according to a press release.

The deals follow the shareholder agreement that was inked last December between AD Ports and Kazmotransflot (KMTF), a fully-owned subsidiary of KazMunayGas.

The new agreements will enable the ADX-listed firm to expand its business in Central Asia and Kazakhstan, which is a key market for energy, transport, and logistics, as well as a trade route between Europe and Asia.

AD Ports and KazMunayGas will explore collaboration opportunities on a wide range of projects in the area, including the establishment of a new fleet of shallow-water vessels to back offshore operations in the Caspian Sea. This is besides developing a tanker fleet to enlarge the export of Kazakh oil.

The joint project could also delve into bulk cargo transportation by seising opportunities to create or acquire bulk cargo vessels in order to support the venture.

Furthermore, AD Ports seeks to develop bespoke training and development programmes for Kazakh teams through Abu Dhabi Maritime Academy.

Meanwhile, AD Ports will partner with Kazakhstan's ministry to establish international trade and transport corridors throughout the republic. They will also discuss the possible development of port and logistics facilities, in addition to enhancing the national maritime fleet.

Falah Mohammed Al Ahbabi, Chairman of AD Ports, said: “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.”

Marat Karabayev, Kazakhstan’s Minister of Industry and Infrastructural Development, said: “We are pleased to work with AD Ports on these projects, building on their expertise to develop integrated ports, trade and logistics hubs in key strategic locations.”

Mirzagaliyev Magzum, Chairman of KazMunayGas, said: “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.”

Magzum added: “We see a bright future for this JV, which will make a significant contribution to economic and infrastructure development in Kazakhstan.”

In the first nine months (9M) of 2022, AD Ports recorded net profits attributable to the shareholders worth AED 917.05 million, higher than AED 590.04 million in the year-ago period.

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