NNPC Shipping, Partners Unveil New Joint Venture
The Nigerian National Petroleum Company (NNPC) Shipping, Stena Bulk, and Caverton Marine Ltd. have signed a new Joint Venture (JV) that will transform the country’s maritime transportation.
A statement by Mr Olufemi Soneye, the Chief Corporate Communications Officer, NNPC Ltd., on Tuesday said the joint venture would create a new company, aimed at providing top quality, reliable and efficient maritime transport.
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 Liquefied Natural Gas (LNG) regional and global shipping requirements.
Soneye said the partners would 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 said the partners would 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,” he said.
According to him, the Managing Director NNPC Shipping, Mr Panos Gliatis, while speaking during the signing described the JV as 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 to enhance our domestic refining, import and export capabilities and strengthen Nigeria’s position in global energy logistics,” he said.
The President and Chief Executive Officer of Stena Bulk, Mr Erik Hånell, in his remarks said the collaboration aligned with the pragmatic strategy of expanding presence in key growth markets, while maintaining high standards of operational excellence and sustainability.
According to him, Nigeria’s energy sector is undergoing remarkable transformation, and it is proud to be part of the journey.
Also speaking, the Head of Stena Bulk U.S.A, Mr Johan Jawert, said it looked forward to developing shipping activities locally with Caverton and benefiting from NNPC’s strong position in the oil market.
Jawert said combined with its know-how across all aspects of commercial and technical shipping, it would create a world-leading shipping company providing first-class service to the energy market.
The Chief Executive Officer of Caverton Offshore Support Group, Mr Bode Makanjuola, said the joint venture, which was the result of many years of planning, marked 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,” he said. The country’s strategic location, growing population, and ambitious infrastructure developments are creating new opportunities for shipping companies.
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. Stena Bulk, with offices in seven countries and a combined fleet of around 70 vessels, is one of the world’s leading tanker shipping companies.
Caverton Marine Ltd. is a leading integrated offshore support company providing marine and aviation logistics to oil and gas companies across Nigeria and sub-Saharan Africa. #NNPC Shipping, Partners Unveil New Joint Venture CBN Rejects N1.6trn from Investors, Cuts Treasury Bills Rates
