NNPC Strikes Landmark Deal to Boost Nigeria’s Maritime and Energy Sector
Nigeria’s maritime infrastructure and enhancing energy logistics, the Nigerian National Petroleum Company (NNPC) Shipping, a subsidiary of NNPC Limited, has entered into a joint venture (JV) with global shipping giant Stena Bulk and Nigeria’s Caverton Marine Limited.
The partnership, announced by Olufemi Soneye, NNPC’s chief corporate communications officer, was officially signed in London last week. According to the NNPC, this agreement is set to revolutionize crude oil, refined product, and liquefied natural gas (LNG) shipping across Nigeria, West Africa, and the global market.
Under the agreement, the JV partners will establish a new shipping company dedicated to providing world-class, efficient, and reliable maritime transport. The venture aims to develop a modern fleet of tankers, leveraging both new and existing vessels, to meet market demands while ensuring cost efficiency and sustainability.
“The fleet will primarily serve the logistics needs of NNPC, covering crude, clean products, and LNG/LPG transportation,” the company stated. Additionally, the new entity will cater to other oil producers and traders, offering them access to cutting-edge shipping infrastructure with strong financial backing and global maritime expertise.
Panos Gliatis, Managing Director of NNPC Shipping, described the partnership as a milestone in the company’s strategic goal to enhance Nigeria’s refining, import, and export capabilities.
“By combining our expertise with Stena Bulk and Caverton Marine, we are creating a robust platform that will strengthen Nigeria’s position in global energy logistics,” Gliatis noted.
Echoing his sentiments, Erik Hånell, President and CEO of Stena Bulk, emphasized the importance of the collaboration, stating that it aligns with the company’s expansion into key growth markets while maintaining high standards of operational excellence and sustainability.
“Nigeria’s energy sector is undergoing a remarkable transformation, and we’re proud to be part of this journey,” Hånell said.
Johan Jäwert, head of Stena Bulk USA, expressed optimism about the venture’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 expertise in commercial and technical shipping, we will create a world-leading shipping company providing first-class service to the energy market.”
Bode Makanjuola, CEO of Caverton Offshore Support Group, highlighted that the JV is the culmination of years of planning aimed at strengthening Nigeria’s maritime industry.
“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,” he stated.
The NNPC noted that the JV deal comes at a time when Nigeria is positioning itself as Africa’s largest economy, with increasing opportunities in the maritime sector due to strategic geographical advantages and ambitious infrastructure developments.
“By establishing this world-class tanker operation, the partners are not only meeting immediate logistical needs but also contributing to Nigeria’s long-term economic diversification and growth,” the statement read.
