NNPCL signs shipping deal with Stena, Caverton

NNPCL signs shipping deal with Stena, Caverton

 

The Nigerian National Petroleum Company Limited says its subsidiary, NNPC Shipping, has signed a joint venture agreement with Stena Bulk, and Caverton Marine Limited for the shipping of various petroleum products across the industry.

The deal will create a new tanker operation serving Nigeria and West Africa’s crude oil, refined product and LNG regional and global shipping requirements.

This is contained in a statement by the company’s Chief Corporate Communications, Mr. Olufemi Soneye,

Soneye said the agreement which was signed in London last week would transform Nigerian maritime transportation.

“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.

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

NNPC added that 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.  Managing Director of 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.”

President & CEO of Stena Bulk, Erik Hånell, was quoted as saying, “This collaboration aligns perfectly with our pragmatic strategy of expanding our presence in key growth markets while maintaining our 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.”

Head of Stena Bulk USA, Johan Jäwert, 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.”