NNPC Strikes Groundbreaking Joint Venture Deal With Stena and Caverton For Shipping Dominance

NNPC Limited announced yesterday that its subsidiary, NNPC Shipping, has entered into a joint venture agreement with Stena Bulk and Caverton Marine Limited to handle the transportation of various petroleum products across the industry.....KINDLY READ THE FULL STORY HERE▶

According to a statement from the company’s Chief Corporate Communications Officer, Mr. Olufemi Soneye, the partnership aims to establish a new tanker operation serving Nigeria and West Africa’s crude oil, refined products, and LNG shipping needs both regionally and globally.

Soneye highlighted that the agreement, signed in London last week, will revolutionize Nigeria’s maritime transportation sector.

“The joint venture will establish a new company focused on providing high-quality, reliable, and efficient maritime transport. The partners will also explore opportunities to build a modern and efficient fleet of tankers, incorporating both new and existing vessels, depending on market conditions and commercial opportunities in the region,” Soneye said.

He further emphasized that the partners would assess opportunities for vessel acquisitions and long-term charter agreements, aiming to keep operating costs competitive while ensuring the highest standards of safety and sustainability.

“The fleet will primarily cater to the logistics needs of NNPC, including crude, clean products, and LNG/LPG,” he added.

NNPC stated that the new company will also serve other oil producers and traders, offering a competitive edge through its modern fleet, robust financial backing, and rich maritime heritage.

Managing Director of NNPC Shipping, Panos Gliatis, remarked, “This strategic partnership represents a key step in NNPC’s ongoing efforts to modernize Nigeria’s maritime infrastructure. By partnering with Stena Bulk and Caverton Marine, we are creating a strong platform that will enhance Nigeria’s domestic refining, import, and export capabilities while solidifying our position in global energy logistics.”

Erik Hånell, President & CEO of Stena Bulk, said, “This collaboration aligns with our growth strategy of expanding in key markets while maintaining our commitment to operational excellence and sustainability. Nigeria’s energy sector is experiencing significant transformation, and we are excited to be part of that journey.”

Johan Jäwert, Head of Stena Bulk USA, added, “We are eager to expand our shipping activities locally with Caverton and leverage NNPC’s strong presence in the oil market. Together, we will build a world-leading shipping company offering top-tier services to the energy sector.”