– New JV aims to modernize Nigeria’s maritime logistics and enhance local content
– Partnership to strengthen in-country revenue retention and global energy logistics
– Initiative reflects President Tinubu’s vision for industry reforms and economic growth
The Nigerian National Petroleum Company Limited (NNPC Ltd.), Caverton Offshore Support Group, and Swedish shipping firm Stena Bulk have established a strategic joint venture to transform Nigeria’s maritime transportation and energy logistics sectors. This collaboration aims to create a modern tanker operation serving Nigeria and West Africa’s crude oil, refined product, and LNG shipping requirements.
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, lauded the joint venture as a bold step toward enhancing shipping operations, strengthening local content, and driving economic growth. He attributed the initiative to President Bola Tinubu’s leadership and foresight in industry reforms, emphasizing that such collaborations are vital for maximizing profitability and delivering long-term value to the nation.
Caverton’s Chief Operating Officer, Mr. Olabode Makanjuola, expressed pride in the partnership, highlighting the company’s commitment to demonstrating that indigenous capacity can deliver world-class results. Fredrik Eriksson, General Manager of Stena Bulk, described the collaboration as a unique opportunity to merge international shipping expertise with local operational strength, aiming to bring innovation and efficiency to the sector.
The joint venture plans to develop a fleet comprising both new and existing tankers, focusing on maintaining competitive operating costs while meeting the highest standards of safety and sustainability. This initiative is expected to enhance Nigeria’s domestic refining, import, and export capabilities, strengthening the country’s position in global energy logistics.
