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The Nigerian National Petroleum Company (NNPC) Shipping, Stena Bulk, and Caverton Marine Limited have today announced the signing of a new joint venture that will transform Nigerian maritime transportation.
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 regionaland global shipping requirements.
The joint venture partners will create a new company whose objective is to provide top quailty, rehable and efficrent 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.
The partners wil 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 logstics 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 announcement, Managing Director NNPC Shipping, Panos Ghatis, 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, President & CEO of Stena Bulk, Enk Hanell, 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 sustainabilty. Nigeria’s energy sector is
undergoing remarkable transformation, and we’re proud to be part of this journey.”
Also speaking, Head of Stena Bulk USA, Johan Jawert, 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.”
CEO of Caverton Offshore Support Group, Bode Makanjuola, said: ” This yoint venture, the result of many years of planning, marks a significant stride in enhancing Nigeria’s mantime capabaities. 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.”
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