NNPC, Stena Bulk, and Caverton Launch Joint Venture to Transform Africa’s Energy and Maritime Sectors
In a landmark move set to revolutionize Nigeria’s maritime and energy sectors, the Nigerian National Petroleum Company (NNPC) Shipping, Stena Bulk, and Caverton Marine Limited have announced the formation of a new joint venture. The partnership, formalized in London last week, aims to establish a world-class tanker operation to serve Nigeria and West Africa’s crude oil, refined product, and LNG shipping needs, both regionally and globally.
The collaboration will create a new company focused on delivering reliable, efficient, and high-quality maritime transport services. The venture will explore opportunities to build a modern fleet of tankers, incorporating both new and existing vessels, tailored to market demands and commercial opportunities in the region. The partners will also evaluate vessel acquisitions and long-term charter arrangements, prioritizing competitive operating costs while adhering to the highest safety and sustainability standards.
The fleet will primarily support NNPC’s logistics requirements for crude oil, refined products, and LNG/LPG. Additionally, the new company will extend its services to other oil producers and traders, leveraging its modern fleet, strong financial backing, and maritime expertise to offer a strategic advantage in the energy logistics market.
Strengthening Nigeria’s Global Energy Position
Speaking on the partnership, Panos Gliatis, Managing Director of NNPC Shipping, emphasized the significance of the collaboration. “This 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,” he said.
Erik Hånell, President and CEO of Stena Bulk, highlighted the alignment of the venture with the company’s growth strategy. “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,” Hånell stated.
Johan Jäwert, Head of Stena Bulk USA, echoed this sentiment, expressing enthusiasm for the partnership’s potential. “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,” he said.
A Boost for Sub-Saharan Africa’s Maritime Capabilities
Bode Makanjuola, CEO of Caverton Offshore Support Group, underscored the transformative impact of the joint venture on Nigeria and the broader region. “This joint venture, the result of many years of planning, marks a significant stride in enhancing Nigeria’s maritime capabilities. By combining local knowledge with international best practices, we are establishing a world-class operation that will benefit not only Nigeria but the entire Sub-Saharan Africa region,” Makanjuola noted.
The partnership arrives at a pivotal moment for Nigeria, Africa’s largest economy, as the country continues to assert its leadership in the continent’s energy sector. Nigeria’s strategic geographic location, growing population, and ambitious infrastructure developments present significant opportunities for shipping companies. The joint venture is poised to not only address immediate logistical challenges but also contribute to Nigeria’s long-term economic diversification and growth.
A Trio of Maritime Excellence
NNPC Shipping, the shipping arm of NNPC Ltd, plays a critical role in Nigeria’s oil and gas distribution, spearheading the country’s maritime logistics operations. Stena Bulk, a global leader in tanker shipping with a fleet of around 70 vessels and offices in seven countries, brings unparalleled expertise in commercial and technical shipping. Caverton Marine Limited, a leading integrated offshore support company, provides marine and aviation logistics services to oil and gas companies across Nigeria and Sub-Saharan Africa.
By uniting their strengths, NNPC Shipping, Stena Bulk, and Caverton Marine are set to establish a transformative maritime operation that will bolster Nigeria’s energy sector, enhance regional trade, and position Africa as a key player in global energy logistics. This partnership underscores the potential of collaboration to drive innovation, sustainability, and economic growth across the continent.
