The Nigerian National Petroleum Company (NNPC) Shipping, Stena Bulk, and Caverton Marine Limited have announced the signing of a new joint venture.
The venture, according to the partners, will transform Nigerian maritime transportation and also focus on developing and operating tankers to efficiently transport crude oil across Nigeria and West Africa, reducing reliance on foreign vessels.
Chief Corporate Communications Officer NNPC Ltd, Olufemi Soneye, said in a statement on Tuesday, that the agreement, signed in London last week, aims to create a new tanker operation serving Nigeria and West Africa’s crude oil, refined product and LNG regional and global shipping requirements.
According to the statement, the joint venture partners will create a new company whose objective is to provide top-quality, reliable and efficient maritime transport.
The partners will also explore options to create a modern and efficient fleet of tankers, comprising both new and existing tonnage depending on market factors and commercial opportunities in the region.
He further noted that the partners will evaluate opportunities for both vessel acquisitions and long-term charter arrangements, with a focus on maintaining competitive operating costs while meeting the highest standards of safety and sustainability.
This fleet will primarily serve the logistics needs of NNPCL (crude, clean and LNG/LPG).
Additionally, the new company will cater to other oil producers and traders, offering the strategic advantage of a modern fleet, strong financial backing, and maritime pedigree and heritage.
Speaking on the announcement, Managing Director NNPC Shipping, Panos Gliatis, said the partnership marks a significant milestone in NNPC’s commitment to modernising Nigeria’s maritime infrastructure.
“By combining our expertise with Stena Bulk and Caverton Marine, we are creating a robust platform that will enhance our domestic refining, import and export capabilities and strengthen Nigeria’s position in global energy logistics.”
In his remarks, President and CEO of Stena Bulk, Erik Hånell said the collaboration aligns perfectly with its pragmatic strategy of expanding our presence in key growth markets while maintaining our high standards of operational excellence and sustainability.
Also speaking, Head of Stena Bulk USA Johan Jäwert said the firm looks forward to developing shipping activities locally with Caverton and benefiting from NNPC’s strong position in the oil market.
CEO of Caverton Offshore Support Group, Bode Makanjuola, said, “This joint venture, the result of many years of planning, marks a significant stride in enhancing Nigeria’s maritime capabilities.
