NNPC has inked a deal that would result in the establishment of a new tanker operation that will cater to the various regional and worldwide shipping requirements of crude oil, processed products, and LNG in Nigeria and West Africa.
NNPC Limited made the announcement yesterday that its subsidiary, NNPC delivering, has inked a joint venture agreement with Stena Bulk and Caverton Marine Limited for the purpose of transporting a variety of petroleum products across the sector.
According to a statement released by the Chief Corporate Communications Officer of the firm, Mr. Olufemi Soneye, the deal, which was inked in London last week, will revolutionize maritime transportation in Nigeria.
The transaction would result in the establishment of a new tanker operation that will cater to the various regional and worldwide shipping requirements of crude oil, processed products, and LNG in Nigeria and West Africa.
The statement read, “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).”
- Panos Gliatis, managing director of NNPC Shipping, made remarks regarding the announcement, he 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 and CEO of Stena Bulk, Erik Hånell, stated in his remarks, “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.”
- Jonas Jäwert, head of Stena Bulk USA, stated, 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.”