NNPC, others announce signing of joint venture to boost Nigeria maritime sector

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

The agreement which was signed last week in London is focused on creating a new tanker operation, providing Nigeria and West Africa’s crude oil, refined products, and LNG shipping needs, both regionally and globally.

This was contained in a statement on the NNPC’s X handle on Tuesday, 25th of February 2025.

The statement partly reads:

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

“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.

“The joint venture partners will create a new company whose objective is to provide top quality, reliable and efficient maritime transport. 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.” [CONTINUE READING HERE]>>>>