Aker Solutions, KGNT form JV to target offshore oil and gas in the Caspian

Source: Aker Solutions

Aker Solutions (LON:OIPT) and the Kazakh company KGNT Holding has established a 50/50 joint venture, Aker Caspian. The company is targeted for servicing the offshore oil and gas industry in the Kazakhstan sector of the Caspian Sea. It will offer a wide scope of services to offshore field development and maintenance and modification projects as well as fabrication services for onshore plants in Kazakhstan. 

Aker Caspian will own, manage and operate a fabrication yard in Aktau, located next to the largest sea port of Kazakhstan. The parties have already secured the land area and made financial commitments to start the yard development in parallel with forthcoming scheduled offshore projects in Kazakhstan. Aker Solutions builds on its worldwide resources and know-how within engineering and fabrication for the oil and gas industry when entering this new phase in its operations in Kazakhstan.

Furthermore, Aker Caspian is part of developing a training centre in Aktau for personnel from the oil and gas industry in accordance with international standards.

“Aker Caspian represents an integral part of our strategy for the Caspian region. We recognise that, similar to other countries, local content is a key element for successful penetration of oil and gas markets in their early developing phases. Local content is also increasingly important in a land-locked Caspian Sea. Through our longstanding presence in the region, we have established a close relationship with KGNT Holding. In partnership, we are committed to develop a local knowledge base in the region by creating interesting and challenging job opportunities,” said Jarle Tautra, executive vice president in Aker Solutions.

The Kazakhstan offshore oil and gas market is an emerging market that can become one of the world's most attractive regions. Although vast in size, the market revolves around a few projects - one of these being the Kashagan field development.

Aker Caspian will offer the following services to offshore oil and gas field developments: fabrication and construction (C); engineering, procurement and construction (EPC); engineering, procurement, construction and installation (EPCI); terminal and base services in Aktau sea port area, hook up and commissioning services. All Kazakhstani projects corresponding to the abovementioned services Aker Solutions and KGNT Holding will execute by Aker Caspian JV.



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