This collaboration will focus on building and managing tankers to effectively move crude oil throughout Nigeria and West Africa, cutting down on the need for foreign shipping.
According to Olufemi Soneye, the Chief Corporate Communications Officer at NNPC Ltd, the agreement was finalized in London last week and is set to establish a new tanker operation that will meet the crude oil, refined products, and LNG shipping needs for both regional and global markets.
The joint venture will form a new company dedicated to delivering high-quality, dependable, and efficient maritime transport services.
The partners are also looking into creating a modern fleet of tankers, which will include both new builds and existing vessels, depending on market conditions and business opportunities in the area.
They will assess options for acquiring vessels and entering long-term charter agreements, all while keeping operating costs competitive and adhering to top safety and sustainability standards.
This fleet will mainly support the logistics requirements of NNPCL (covering crude, clean, and LNG/LPG).
Moreover, the new company will also serve other oil producers and traders, providing the benefits of a modern fleet, solid financial support, and a rich maritime history.
Managing Director of NNPC Shipping, Panos Gliatis, shared his thoughts on the announcement, stating, “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.”
Erik Hånell, President and CEO of Stena Bulk, added, “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 a remarkable transformation, and we’re proud to be part of this journey.”
Johan Jäwert, Head of Stena Bulk USA, also commented, “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, CEO of Caverton Offshore Support Group, remarked, “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.”
This partnership comes at a pivotal moment as Nigeria establishes itself as Africa’s largest economy.
Nigeria's prime location, increasing population, and bold infrastructure projects are opening up fresh possibilities for shipping firms.
By launching this top-notch tanker operation, the partners are addressing current logistical demands while also playing a role in the country's ongoing economic diversification and development.