By JKNewsMedia
Nigeria is set to witness a major transformation in its maritime transportation sector as the Nigerian National Petroleum Company (NNPC) Shipping, Stena Bulk, and Caverton Marine Limited have entered into a joint venture aimed at boosting oil and gas logistics.
Contained in a press statement, the announcement was made by Olufemi O. Soneye, Chief Corporate Communications Officer, NNPC Ltd, on February 25, 2025, stating that the agreement, signed in London last week, establishes a new tanker operation that will serve Nigeria and West Africa’s crude oil, refined products, and liquefied natural gas (LNG) shipping needs.
Under the partnership, the companies will create a new maritime firm focused on delivering reliable and efficient transportation services.
The new entity will develop a modern fleet of tankers, incorporating both newly built and existing vessels, depending on market dynamics and commercial opportunities.
With a strong emphasis on safety, sustainability, and cost efficiency, the venture aims to meet the highest industry standards while maintaining competitive operating costs.
The primary role of this fleet will be to support NNPC’s logistics operations for crude oil, clean products, and LNG/LPG transport.
However, it will also cater to other oil producers and traders, leveraging a modern fleet, strong financial backing, and global shipping expertise to enhance Nigeria’s energy trade.
Managing Director of NNPC Shipping, Panos Gliatis, described the partnership as a critical step in modernising Nigeria’s maritime infrastructure.
“This strategic partnership marks a significant milestone in NNPC’s commitment to enhancing domestic refining, import, and export capabilities.
“By working with Stena Bulk and Caverton Marine, we are creating a robust platform to strengthen Nigeria’s position in global energy logistics,” he said.
President and CEO of Stena Bulk, Erik Hånell, highlighted the importance of the collaboration in expanding the company’s presence in key growth markets.
“This partnership aligns with our long-term strategy of maintaining high operational standards while tapping into emerging opportunities. Nigeria’s energy sector is undergoing significant transformation, and we are proud to be part of this journey,” Hånell noted.
Johan Jäwert, Head of Stena Bulk USA, emphasised the venture’s potential to establish a world-class shipping service.
“By partnering with NNPC and Caverton, we are creating a strong, locally integrated operation that benefits from our extensive expertise in commercial and technical shipping,” he said.
CEO of Caverton Offshore Support Group, Bode Makanjuola, described the agreement as a milestone in strengthening Nigeria’s maritime sector.
“This joint venture is the result of years of planning. By combining local expertise with international best practices, we are establishing a shipping operation that will benefit not just Nigeria but the entire Sub-Saharan Africa region,” he stated.
“The deal comes as Nigeria continues to reinforce its position as Africa’s largest economy. With its strategic geographic location, growing population, and ambitious infrastructure development plans, the country presents vast opportunities for the shipping industry,” he added.
The group note that by launching this state-of-the-art tanker operation, their joint venture partners aim to address immediate logistics needs while contributing to Nigeria’s long-term economic diversification and growth.
They also disclosed that the NNPC Shipping serves as the logistics arm of NNPC Ltd, playing a crucial role in the transportation and distribution of Nigeria’s oil and gas resources.
Stena Bulk, with operations across seven countries and a fleet of about 70 vessels, is explained as one of the world’s leading tanker shipping firms.
Whilst, Caverton Marine Limited, remains a key player in offshore support services, provides marine and aviation logistics to oil and gas companies in Nigeria and Sub-Saharan Africa, the statement reveals.
