NNPC signs deal with Stena Bulk, Caverton for energy logistics joint venture

The Nigerian National Petroleum Company (NNPC) Shipping, an arm of the NNPC Limited, has signed a joint venture (JV) deal with Stena Bulk, and Caverton Marine Limited.

Stena Bulk is a tanker shipping company while Caverton Marine Limited is a Nigerian company that provides marine and aviation logistics services to the oil and gas industry.

Announcing the deal in a statement on Tuesday, Olufemi Soneye, chief corporate communications officer at NNPC, said the agreement was signed in London last week.

He said the new JV would transform the country’s oil and gas logistics sector.

The NNPC said the agreement is aimed at establishing a tanker operation that will serve Nigeria and West Africa’s crude oil, refined product, as well as liquified natural gas (LNG) shipping requirements on both regional and global scales.

“The joint venture partners will create a new company whose objective is to provide top quality, reliable and efficient maritime transport,” NNPC said.

“The partners will 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.

“The partners will 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.

“This fleet will primarily serve the logistics needs of NNPC (crude, clean and LNG/LPG).”

NNPC added that the new company will cater to other oil producers and traders, offering strategic advantage of a modern fleet, strong financial backing, and maritime pedigree and heritage.

PARTNERSHIP AIMED TO ENHANCE NIGERIA’S POSITION awareN IN ENERGY EXPORT

Speaking on the  dear, Panos Gliatis, managing director NNPC Shipping, said the agreement  “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,” Gilatis said.

On his part, Erik Hånell, president and chief executive officer (CEO) of Stena Bulk, said the collaboration aligns perfectly with the firm’s pragmatic strategy of expanding its presence in key growth markets while maintaining 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,” he added.

Also speaking, Johan Jäwert, head of Stena Bulk, USA, said, “we look forward to developing shipping activities locally with Caverton and benefiting from NNPC’s strong position in the oil market” 

“Combined with our know-how across all aspects of commercial and technical shipping, we will create a world-leading shipping company providing first-class service to the energy market,” Jäwert said.

Bode Makanjuola, CEO of Caverton Offshore Support Group, said the joint venture is the result of many years of planning, and 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,” he said.

In the statement, the NNPC said the 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,” the oil.

”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.

“As the shipping arm of NNPC Ltd, NNPC Shipping spearheads the integral shipping logistics operations crucial for the country’s oil and gas distribution.”

The NNPC said Stena Bulk operates in seven countries and has a total fleet of approximately 70 ships, making it one of the top tanker shipping companies globally.