By Ayomide Otitoju
The Nigerian National Petroleum Company (NNPC) Shipping has entered into a new joint venture with Stena Bulk and Caverton Marine Limited to transform Nigeria’s maritime transportation.
The partnership, announced Tuesday by NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, follows an agreement signed in London last week. The venture will establish a new tanker operation catering to Nigeria and West Africa’s crude oil, refined product, and Liquefied Natural Gas (LNG) shipping needs on regional and global scales.
Building a Modern Fleet
According to Soneye, the joint venture will create a modern and efficient fleet of tankers, either through vessel acquisitions or long-term charter arrangements, while ensuring cost-effective operations with the highest safety and sustainability standards.
“The fleet will primarily serve NNPC’s logistics needs, including crude oil, clean petroleum products, and LNG/LPG transportation,” he stated.
Beyond NNPC, the new company will also provide services to other oil producers and traders, leveraging its modern fleet, strong financial backing, and extensive maritime expertise.
Strengthening Nigeria’s Energy Logistics
NNPC Shipping Managing Director Panos Gliatis described the venture as a “significant milestone” in modernizing Nigeria’s maritime infrastructure.
“By combining our expertise with Stena Bulk and Caverton Marine, we are creating a robust platform that will enhance domestic refining, import, and export capabilities while strengthening Nigeria’s position in global energy logistics,” Gliatis said.
Global Maritime Players Express Commitment
Stena Bulk President & CEO, Erik Hånell, emphasized that the collaboration aligns with the company’s strategy to expand into key growth markets.
“Nigeria’s energy sector is undergoing remarkable transformation, and we’re proud to be part of this journey,” he stated.
Similarly, Johan Jäwert, Head of Stena Bulk USA, highlighted the potential of the venture, stating: “With NNPC’s strong market position and our commercial and technical expertise, we will create a world-class shipping company delivering first-class service to the energy market.”
Caverton Offshore Support Group CEO, Bode Makanjuola, described the agreement as the culmination of years of planning to enhance Nigeria’s maritime capabilities.
“By combining local knowledge with international best practices, we are building a world-class operation that will benefit Nigeria and the entire Sub-Saharan Africa region,” he said.
Boosting Nigeria’s Economic Growth
NNPC Shipping emphasized that the partnership comes at a time when Nigeria, Africa’s largest economy, is expanding its infrastructure and asserting its role in global trade.
“By establishing this world-class tanker operation, the partners are not only meeting immediate logistical needs but also contributing to Nigeria’s long-term economic diversification and growth,” the company stated.
With a fleet of approximately 70 vessels, Stena Bulk is one of the world’s leading tanker shipping companies, while Caverton Marine is a major offshore support provider for the oil and gas industry across Nigeria and Sub-Saharan Africa.
