Nigeria’s NNPC Shipping, Stena Bulk, and Caverton Marine have formed a new joint venture that will address Nigeria and West Africa’s regional and global crude oil, refined product, and LNG shipping requirements.
The joint venture partners will create a new maritime transport company and 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 three companies will also 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.
The new fleet will primarily serve the logistics needs of Nigerian National Petroleum Company (NNPC), including crude, clean and LNG/LPG transportation. Additionally, the new company will cater to other oil producers and traders, offering the strategic advantage of a modern fleet.
“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,” said Bode Makanjuola, CEO of the Caverton Offshore Support Group.