The Nigerian National Petroleum Company (NNPC) Shipping, Stena Bulk, and Caverton Marine Limited have announced the formation of a joint venture aimed at transforming Nigeria and West Africa’s maritime transportation sector.
The agreement, signed in London last week, focuses on creating a cutting-edge tanker operation to meet regional and global shipping demands for crude oil, refined products, and LNG.
The new joint venture will develop a fleet of modern and efficient tankers, incorporating both new vessels and existing tonnage depending on market conditions.
The partners will explore opportunities for vessel acquisitions and long-term charter arrangements, ensuring competitive operating costs while adhering to high safety and sustainability standards.
The fleet will primarily serve NNPC’s logistics needs for crude oil, clean products, and LNG/LPG. Additionally, it will provide services to other oil producers and traders, leveraging a modern fleet, strong financial backing, and maritime expertise to offer a strategic advantage in the energy market.
NNPC Shipping’s Managing Director, Panos Gliatis, emphasized that this partnership is a major milestone in NNPC’s efforts to modernize Nigeria’s maritime infrastructure.
By combining our expertise with Stena Bulk and Caverton Marine, we are creating a robust platform that will enhance Nigeria’s refining, import, and export capabilities, strengthening the country’s position in global energy logistics,” he said.
Stena Bulk’s President & CEO, Erik Hånell, highlighted that the collaboration aligns with their strategy of expanding in key growth markets while maintaining operational excellence.
“Nigeria’s energy sector is undergoing a remarkable transformation, and we are proud to be a part of this journey,” he remarked.
Caverton Offshore Support Group’s CEO, Bode Makanjuola, added that the joint venture represents a significant leap in Nigeria’s maritime capabilities.
“By combining local knowledge with international best practices, we are establishing a world-class operation that will benefit Nigeria and the entire Sub-Saharan Africa region.”
