February 25, (THEWILL) – In a move set to reshape Nigeria’s maritime transportation landscape, NNPC Shipping, Stena Bulk, and Caverton Marine Limited have entered into a joint venture partnership to bolster crude oil, refined products, and LNG shipping operations across Nigeria and West Africa.
A statement by NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, on Tuesday, confirmed that the agreement, signed in London last week, aims to establish a new tanker operation that will enhance regional and global energy logistics.
According to Soneye, the partnership will create a new company focused on delivering top-tier, reliable, and efficient maritime transport services. The joint venture will explore options for developing a modern, high-performance fleet, consisting of both new and existing vessels, depending on market conditions and commercial opportunities.
The partners will also assess prospects for vessel acquisitions and long-term charter agreements, ensuring competitive operating costs while maintaining stringent safety and sustainability standards.
Soneye noted that the new fleet will primarily support NNPC’s logistics needs for crude oil, refined petroleum products, and LNG/LPG, while also serving other oil producers and traders, leveraging its modern fleet, strong financial backing, and extensive maritime expertise.
Commenting on the agreement, Managing Director of NNPC Shipping, Panos Gliatis, described the deal as a major step in modernizing Nigeria’s maritime infrastructure. He said, “This strategic partnership underscores our commitment to strengthening domestic refining, import, and export capabilities, while reinforcing Nigeria’s position in global energy logistics. By working alongside Stena Bulk and Caverton Marine, we are building a solid platform for long-term success.”
Stena Bulk’s President & CEO, Erik Hånell, expressed confidence in the collaboration, stating, “This aligns with our strategy of expanding into key growth markets while maintaining high standards of operational excellence and sustainability. Nigeria’s energy sector is undergoing a significant transformation, and we are pleased to be part of this evolution.”
Johan Jäwert, Head of Stena Bulk USA, emphasized the venture’s potential, saying, “By developing local shipping activities with Caverton and leveraging NNPC’s strong oil market presence, we will create a world-class shipping company that delivers first-rate service to the energy market.”
Caverton Offshore Support Group’s CEO, Bode Makanjuola, described the partnership as the culmination of years of planning..
“This agreement represents a major milestone in enhancing Nigeria’s maritime capabilities. By integrating local expertise with global best practices, we are establishing an operation that will benefit not just Nigeria, but the entire Sub-Saharan Africa region,” he said.
NNPC Shipping plays a crucial role in oil and gas distribution across Nigeria. Stena Bulk, one of the world’s leading tanker shipping firms, operates a fleet of around 70 vessels across seven countries. Caverton Marine Limited provides integrated offshore support, offering marine and aviation logistics services to oil and gas companies throughout Nigeria and Sub-Saharan Africa.
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