NNPC Limited has announced that its subsidiary, NNPC Shipping, has entered into a joint venture agreement with Stena Bulk and Caverton Marine Limited to enhance the shipping of petroleum products across Nigeria and West Africa.
According to a statement by NNPC’s Chief Corporate Communications Officer, Mr. Olufemi Soneye, the partnership will establish a new tanker operation that caters to crude oil, refined petroleum products, and LNG for both regional and global markets.
Transforming Nigeria’s Maritime Industry
Soneye revealed that the agreement, signed in London last week, is expected to modernize Nigeria’s maritime transportation and strengthen its position in the global energy logistics sector.
“The joint venture partners will create a new company whose objective is to provide top-quality, reliable, and efficient maritime transport. The partners will also explore options to develop a modern and efficient fleet of tankers, including new and existing vessels, based on market conditions and commercial opportunities in the region,” Soneye stated.
The venture will focus on acquiring vessels and securing long-term charter arrangements, ensuring competitive operating costs while maintaining the highest standards of safety and sustainability.
A Boost for Nigeria’s Oil and Gas Logistics
NNPC emphasized that the new company will not only serve its own logistics needs—including crude, clean petroleum, and LNG/LPG shipping—but also provide services to other oil producers and traders. This move will give the company a strategic advantage, backed by a modern fleet, strong financial support, and deep maritime expertise.
Speaking on the development, Managing Director of NNPC Shipping, Panos Gliatis, described the partnership as a major step toward enhancing Nigeria’s refining capacity, import/export capabilities, and overall maritime infrastructure.
“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 while reinforcing Nigeria’s role in global energy logistics,” Gliatis stated.
Global Players Express Confidence in Nigerian Market
Stena Bulk President & CEO, Erik Hånell, highlighted the company’s enthusiasm for expanding into the Nigerian market, aligning with its strategy of sustainable and efficient shipping operations.
“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 a remarkable transformation, and we’re proud to be part of this journey,” Hånell said.
Similarly, Head of Stena Bulk USA, Johan Jäwert, expressed optimism about working closely with Caverton Marine and NNPC to develop local shipping operations.
“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,” Jäwert stated.
Nigeria’s Growing Maritime Sector
This agreement comes as Nigeria continues to expand its maritime and energy infrastructure, reinforcing its role as a key player in Africa’s oil and gas logistics. The partnership aligns with the government’s push for enhanced local capacity, improved shipping efficiency, and long-term economic growth in the sector.