KOTUG, Petroconsult Form Joint Venture in Egypt
- Business & Finance
Towage company KOTUG International BV has signed an agreement with Egyptian provider of offshore and marine services Petroconsult to create a joint venture company called KOTUG PETRO Maritime (KPM).
The duo has been awarded a long-term contract by Arab Petroleum Pipelines Company SUMED to provide operational services and carry out towage operations including FSRU operations at its Ain Sukhna terminal located in the Red Sea, Egypt.
KOTUG has provided SUMED with two newly built 80-ton rotortugs to carry out these operations. The tugs have commenced services in October 2018.
Based in Alexandria, Egypt, the newly formed KPM is 80% owned by KOTUG and 20% by Petroconsult. The company’s mission is to provide maritime services to Egypt’s oil, gas and other terminals as well as ports.
“The partnership represents a strong alliance between two industry experts. KPM aims to leverage the impressive reputation, experience, technology, and practical know how of KOTUG International and Petroconsult,” Ard-Jan Kooren, CEO of KOTUG International, said.