The Nigerian National Petroleum Company (NNPC) shipping firm, Stena Bulk, and Caverton Marine Limited have signed a new joint venture agreement aimed at transforming maritime transportation in Nigeria.
The agreement was finalised last week in London and announced in a press statement signed by Olufemi O. Soneye, retrieved by Energy in Africa on Tuesday.
NNPC said the joint venture partners plan to establish a new tanker operation. The goal is to meet regional and international shipping demands for crude oil, refined petroleum products, and liquefied natural gas (LNG).
According to the national oil firm, the operation aims to provide efficient, reliable, and high-quality maritime transportation services in Nigeria and across West Africa.
“The joint venture partners will create a new company whose objective is to provide top quality, reliable and efficient maritime transport,” NNPC said.
This new fleet will primarily support NNPC’s logistics needs for crude oil, refined products, and LNG/LPG.
It will also serve other oil producers and traders.
The fleet aims to offer a competitive edge through modern vessels, strong financial backing, and a deep-rooted maritime heritage.
Speaking on the announcement, Managing Director of NNPC Shipping, Panos Gliatis, said the strategic partnership marks a significant milestone in NNPC’s commitment to modernizing 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,” Panos added.
President and CEO of Stena Bulk, Erik Hånell, also explained the importance of the partnership, stating:
“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.”
On his part, Johan Jäwert, Head of Stena Bulk USA, stated the company’s enthusiasm for expanding its shipping operations in Nigeria alongside Caverton Marine.
He noted that Stena Bulk looks forward to leveraging NNPC’s established role in the oil market.
“By combining NNPC’s market strength with Stena Bulk’s expertise in commercial and technical shipping, we aim to establish a globally leading shipping company capable of delivering premier services to the energy sector,” Jäwert added.
Nigeria, currently recognized as Africa’s largest economy, presents new opportunities for shipping companies due to its strategic location.
This joint venture marks a crucial step in strengthening Nigeria’s maritime capabilities by merging local expertise with international best practices.
