The Nigerian National Petroleum Company (NNPC) Shipping, Stena Bulk, and Caverton Marine Limited have announced the signing of a new joint venture that will transform Nigerian maritime transportation.

According to a statement yesterday by the Chief Corporate Communications Officer, Nigerian National Petroleum Company Limited (NNPC Ltd), Olufemi Soneye, 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.

He stated that the joint venture partners would create a new company whose objective is to provide top quality, reliable and efficient maritime transport.

He added that the partners would also 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.

He added that the partners would evaluate opportunities for both vessel acquisitions and long-term charter arrangements, with a focus on maintaining competitive operating costs while meeting the highest standards of safety and sustainability. He added that the fleet will primarily serve the logistics needs of NNPC (crude, clean and LNG/LPG).

He also said that, additionally, the new company would cater to other oil producers and traders, offering strategic advantage of a modern fleet, strong financial backing, and maritime pedigree and heritage. Speaking on the announcement, Managing Director, NNPC Shipping, Panos Gliatis, said:

“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 are creating a robust platform that will enhance our domestic refining, import and export capabilities and strengthen Nigeria’s position in global energy logistics.”