The Nigerian National Petroleum Corporation (NNPC) Shipping, Swedish Stena Bulk, and Nigerian Caverton Marine have launched a joint venture aimed at transforming Nigeria’s maritime transportation sector.
The three companies have signed an agreement to establish a new tanker operation that will cater to Nigeria’s and West Africa’s regional and global shipping needs for crude oil, refined products, and liquefied natural gas (LNG).
The joint venture will create a new company committed to providing “top-quality, reliable, and efficient” maritime transport services. The partners plan to develop a “modern and efficient” fleet of tankers, incorporating both new and existing vessels based on market dynamics and commercial opportunities in the region.
As part of their strategy, the companies will explore vessel acquisitions and long-term charter arrangements while maintaining competitive operating costs. The focus will be on upholding the highest safety and sustainability standards. The fleet will primarily support NNPC’s logistics requirements, including crude oil, clean product, and LNG/LPG transportation.
Panos Gliatis, Managing Director of NNPC Shipping, emphasized the significance of the partnership, stating, “This strategic partnership marks a significant milestone in NNPC’s commitment to modernizing 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 while strengthening Nigeria’s position in global energy logistics.”
Erik Hånell, President & CEO of Stena Bulk, also expressed enthusiasm for the collaboration, saying, “We’re excited to partner with NNPC and Caverton Marine in this groundbreaking venture. This collaboration aligns perfectly with our 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.”
Bode Makanjuola, CEO of Caverton Offshore Support Group, highlighted the long-term planning that led to the venture, stating, “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.”
In 2024, NNPC expanded its LNG shipping operations, delivering liquefied natural gas to Japan and China on a delivered ex-ship (DES) basis. The company’s first DES shipment arrived at Futtsu, Japan, from the LNG carrier Grazyna Gesicka on June 27, 2024, followed by another cargo delivery to China.
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