- NNPC collaborates with Caverton Marine and Stena Bulk to launch a tanker fleet serving Nigeria and West Africa, focusing on crude oil, refined products, and LNG transport.
- The partnership aims to modernize Nigeria’s maritime infrastructure by acquiring vessels and securing long-term charters, focusing on safety, sustainability, and competitive costs.
- Caverton Marine and Stena Bulk bring local expertise and international best practices, positioning the operation to benefit Nigeria and the wider Sub-Saharan Africa region.
The Nigerian National Petroleum Company Ltd. (NNPC) has partnered with Caverton Marine Ltd. and Sweden’s Stena Bulk to create an oil and gas tanker operator for Nigeria and West Africa. The partnership aims to develop a modern tanker fleet using new and existing vessels based on market conditions and business opportunities.
The joint venture will focus on acquiring vessels and securing long-term charters while keeping operating costs competitive. Safety and sustainability remain key priorities for the fleet’s operations.
The new fleet will primarily serve NNPC’s logistics needs, including crude oil, clean products, and liquefied natural gas (LNG). It will also transport products for other oil and gas producers and traders.
“This partnership marks a significant step in modernising Nigeria’s maritime infrastructure,” said Panos Gliatis, Managing Director of NNPC Shipping Ltd. “Working with Stena Bulk and Caverton Marine boosts our refining, import, and export capabilities, strengthening Nigeria’s role in global energy logistics.”
Stena Bulk CEO Erik Håne praised the collaboration, stating it aligns with their growth strategy. “Nigeria’s energy sector continues to transform, and we’re excited to play a role in this journey,” Håne added.
Bode Makanjuola, CEO of Caverton Offshore Support Group, highlighted the blend of local expertise and international practices. “We are building a world-class operation that benefits not just Nigeria but Sub-Saharan Africa,” he said.
The partners identified Nigeria’s strategic location, growing population, and infrastructure development as drivers for new opportunities in the region’s shipping sector.
Caverton Marine, established in 1999, ships hydrocarbon products and provides other marine services. Its clients include off-takers of liquefied petroleum gas (LPG) from Nigeria LNG, which produces up to 22 million metric tons of LNG annually. Stena Bulk, founded in 1982, operates a fleet of about 100 vessels transporting crude oil and refined products globally.
Last year, NNPC delivered its first LNG shipments to Japan and China on an ex-ship basis. Since 2021, the company has traded over 20 cargoes to Asia and Europe on a free-on-board basis. NNPC recently handled the shipping and insurance for LNG deliveries to China and Japan until the products reached the destination ports.
NNPC’s subsidiaries, NNPC LNG Ltd. and NNPC Shipping, managed these deliveries. The company continues to expand its role in global LNG markets while enhancing Nigeria’s maritime and energy infrastructure.
NNPC’s partnership with Caverton Marine and Stena Bulk reflects a strategic effort to boost Nigeria’s energy and shipping sectors. By leveraging local and international expertise, the collaboration promises to drive long-term growth in the region.