The Nigerian National Petroleum Company (NNPC) Shipping, Stena Bulk, and Caverton Marine Limited have signed a new joint venture that will transform the Nigerian maritime transportation.
The agreement, signed in London last week, is aimed at creating a new tanker operation serving Nigeria and West Africa’s crude oil, refined product and LNG regional and global shipping requirements.
The joint venture partners will create a new company whose objective is to provide top quality, reliable and efficient maritime transport.
According to the statement by the NNPCL, 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.
It explained 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 NNPC (crude, clean and LNG/LPG).
Additionally, the new company will cater to other oil producers and traders, offering strategic advantage of a modern fleet, strong financial backing, and maritime pedigree and heritage.
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 NNPC (crude, clean and LNG/LPG). Additionally, the new company will cater to other oil producers and traders, offering strategic advantage of a modern fleet, strong financial backing, and maritime pedigree and heritage.
Speaking on the joint venture, the Managing Director of NNPC Shipping, Panos Gliatis, said: “This strategic 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, the President & CEO of Stena Bulk, Erik Hånell, said: “This collaboration aligns perfectly with our pragmatic strategy of expanding our presence in key growth markets while maintaining our high standards of operational excellence and sustainability. Nigeria’s energy sector is undergoing remarkable transformation, and we’re proud to be part of this journey.”
Also speaking, the Head of Stena Bulk USA, Johan Jäwert, said: “We look forward to developing shipping activities locally with Caverton and benefiting from NNPC’s strong position in the oil market. Combined with our know-how across all aspects of commercial and technical shipping, we will create a world-leading shipping company providing first-class service to the energy market.”
Bode Makanjuola, the CEO of Caverton Offshore Support Group, said: “This joint venture, the result of many years of planning, marks a significant stride in enhancing Nigeria’s maritime capabilities.
“By combining local knowledge with international best practices, we are establishing a world-class operation that will benefit not only Nigeria, but the entire Sub-Saharan Africa region.”
By establishing this world-class tanker operation, the partners are not only meeting immediate logistical needs but also contributing to Nigeria’s long term economic diversification and growth.
As the shipping arm of NNPC Ltd, NNPC Shipping spearheads the integral shipping logistics operations crucial for the country’s oil and gas distribution.
GIK/APA