NNPC, Caverton partner to boost Nigeria’s maritime sector

The Nigerian National Petroleum Company (NNPC) Shipping has signed a joint venture agreement with Stena Bulk and Caverton Marine Limited to establish a new tanker operation aimed at strengthening Nigeria’s maritime transportation and energy logistics.

The agreement, signed in London last week, will enable the partners to create a shipping company focused on transporting crude oil, refined petroleum products, and liquefied natural gas (LNG) across Nigeria, West Africa, and global markets.

According to the partners, the new company will prioritise modernising Nigeria’s tanker fleet by acquiring new vessels and optimising existing ones, depending on market conditions and commercial opportunities.

The venture will also evaluate long-term charter arrangements to ensure cost-effective operations while maintaining high safety and sustainability standards.

Panos Gliatis, managing director of NNPC Shipping, described the partnership as a “significant milestone” in the company’s efforts to modernise 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,” Gliatis said.

The joint venture is expected to primarily serve NNPC’s shipping needs, including crude, refined petroleum products, and LNG/LPG transportation. However, it will also cater to other oil producers and traders, leveraging a modern fleet and financial backing to provide competitive maritime services.

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Erik Hånell, president and CEO of Stena Bulk, noted that the collaboration aligns with the company’s strategy of expanding its presence in key growth markets while maintaining high operational and sustainability standards.

“Nigeria’s energy sector is undergoing remarkable transformation, and we’re proud to be part of this journey,” he said.

Similarly, Johan Jäwert, head of Stena Bulk US, emphasised the company’s commitment to developing local shipping activities in partnership with Caverton while leveraging NNPC’s strong market presence.

Bode Makanjuola, group chief executive officer of Caverton Offshore Support, described the venture as a culmination of years of planning, aimed at boosting 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 said.

The agreement comes at a time when Nigeria is positioning itself as a major player in Africa’s energy and maritime sectors.

With its strategic location, large consumer base, and ongoing infrastructure development, the country is creating new opportunities for shipping companies.

NNPC Shipping, the maritime arm of NNPC Limited, oversees critical logistics for Nigeria’s oil and gas distribution.

Stena Bulk operates a fleet of about 70 vessels globally, while Caverton Marine provides offshore support and logistics to oil and gas firms across Nigeria and Sub-Saharan Africa.

By establishing this joint venture, the partners aim to meet Nigeria’s immediate energy transport needs and contribute to the country’s long-term economic growth and diversification.