NNPC Shipping, Stena Bulk, Caverton Launch New Joint Venture To Boost Nigeria, Africa’s Energy, Maritime Sectors

A new joint venture that will transform Nigerian maritime transportation was signed on Tuesday by the companies NNPCL Shipping, Stena Bulk, and Caverton Marine Limited.

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 regional and global shipping requirements.

The joint venture partners’ goals are to create a new company with the goal of providing top-notch, reliable, and effective maritime transportation, according to NNPC Ltd.’s Chief Corporate Communications Officer, Mr. Olufemi Soneye.

According to market conditions and regional business opportunities, the partners will also look into options for building a modern and effective fleet of tankers, with both new and existing tonnage.

The partners will assess opportunities for both long-term charter agreements and vessel acquisitions, with an emphasis on keeping operating costs down while upholding the highest standards of safety and sustainability.

“This fleet will primarily serve the logistics needs of NNPC (crude, clean and LNG/LPG)”, Soneye said in a statement obtained by Persecondnews.

“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”.

Commenting on the announcement, the Managing Director NNPC Shipping, Panos Gliatis, said: “This strategic partnership marks a significant milestone in NNPC’s commitment to modernising Nigeria’s maritime infrastructure.

We are building a robust platform by combining our experience with Stena Bulk and Caverton Marine, which will strengthen our domestic refining, import, and export capabilities and advance Nigeria’s position in the world of energy logistics.

In his remarks, 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”.

Johan Jäwert, head of Stena Bulk USA, also gave a speech about how NNPC’s strong position in the oil market benefits him and how he plans to expand local shipping operations with Caverton.

We will establish a world-class shipping company that can provide top-notch service to the energy market by combining our expertise in all aspects of commercial and technical shipping.

CEO of Caverton Offshore Support Group, Bode Makanjuola, said the joint venture, the result of many years of planning, marks a significant stride in enhancing Nigeria’s maritime capabilities.

We are creating a world-class operation by combining local knowledge with international best practices, which will benefit both Nigeria and the entire Sub-Saharan Africa region.

Soneye noted that this joint venture comes at a time when Nigeria is asserting its position as the world’s largest economy.

The country’s strategic location, growing population, and ambitious infrastructure developments are creating new opportunities for shipping companies.

The partners are responding to urgent logistical needs by starting this world-class tanker operation and also aiding in Nigeria’s long-term economic diversification and expansion.

“NNPC Shipping is responsible for the essential oil and gas distribution operations that the nation’s shipping division, NNPC Ltd., is responsible for.

“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.

Source: Per Second News