JV creates new tanker operation

Servicing West Africa

NIGERIA: The Nigerian National Petroleum Corporation (NNPC) Shipping, Stena Bulk, and Caverton Marine Limited have signed a joint venture to create a new tanker operation serving Nigeria and West Africa's regional and global crude oil, refined product and LNG shipping requirements.

The partners announced that they will 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.

Opportunities to for both vessel acquisitions and long-term charter arrangements are being explored, with a focus on maintaining competitive operating costs while meeting the highest standards of safety and sustainability.

Although the fleet will primarily serve the logistics needs of NNPC, including crude, clean and LNG/LPG transportation, the company will also cater to other oil producers and traders, offering the strategic advantage of a modern fleet as well as strong financial backing.

“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,” Erik Hånell, President & CEO, Stena Bulk.

The establishment of the new tanker operation aims to meet the immediate logistical needs of the country as well as to contribute to Nigeria’s long-term economic diversification and growth.

“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're creating a robust platform that will enhance our domestic refining, import and export capabilities and strengthen Nigeria's position in global energy logistics,” said Panos Gliatis, Managing Director, NNPC Shipping.

Noting that the joint venture represented several years of planning, Bode Makanjuola, CEO, Caverton Offshore Support Group, said that it provided the opportunity to combine local knowledge with international best practice to benefit not only Nigeria, but the entire Sub-Saharan Africa region.

This joint venture comes at a time when Nigeria is asserting its position as Africa's largest economy. The country's strategic location, growing population, and ambitious infrastructure developments are creating new opportunities for shipping companies.

PHOTO: From left to right: Bode Makanjuola, CEO, Caverton Offshore Support Group; Panos Gliatis, Managing Director, NNPC Shipping; Erik Hånell, President & CEO of Stena Bulk.