NNPC Seals Joint Venture Shipping Deal With Stena, Caverton

The Nigerian National Petroleum Corporation (NNPC) Limited has announced that its subsidiary, NNPC Shipping, has entered into a joint venture agreement with Stena Bulk and Caverton Marine Limited to facilitate the shipping of various petroleum products across the industry.

According to a recent statement by the company’s Chief Corporate Communications Officer, Mr. Olufemi Soneye, the deal will establish a new tanker operation to serve Nigeria and West Africa’s crude oil, refined product, and LNG regional and global shipping requirements.

The agreement, signed last week in London, aims to transform Nigeria’s maritime transportation sector. The joint venture partners will create a new company dedicated to providing top-quality, reliable, and efficient maritime transport. This company will explore options for establishing a modern fleet of tankers, incorporating both new and existing vessels, depending on market factors and commercial opportunities.

The partners will evaluate opportunities for vessel acquisitions and long-term charter arrangements, ensuring competitive operating costs while adhering to the highest standards of safety and sustainability. This fleet will primarily serve NNPC’s logistics needs for crude oil, clean products, and LNG/LPG transportation.

Additionally, the new company will cater to other oil producers and traders, leveraging a modern fleet, strong financial backing, and extensive maritime expertise.

Managing Director of NNPC Shipping, Mr. Panos Gliatis, highlighted the significance of the partnership, stating: “This strategic partnership marks a significant milestone in NNPC’s commitment to modernising Nigeria’s maritime infrastructure. In 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.”

President\Chief Executive Officer (CEO) of Stena Bulk, Mr. Erik Hånell, described the collaboration as a strategic move aligning with the company’s expansion goals in key growth markets while maintaining high operational and sustainability standards. He noted that Nigeria’s energy sector is undergoing significant transformation, and Stena Bulk is proud to be part of this journey.

Head of Stena Bulk USA, Mr. Johan Jäwert, emphasised the importance of developing shipping activities locally with Caverton and leveraging NNPC’s strong presence in the oil market. He stated that by combining expertise in commercial and technical shipping, the joint venture will create a world-class shipping company providing top-tier services to the energy market.