Stena Bulk forms Nigerian tanker venture

Swedish shipowner Stena Bulk has signed a deal with NNPC Shipping, part of oil producer Nigerian National Petroleum Corp and local integrated offshore support player Caverton Marine for a new tanker joint venture in Nigeria.

The deal will create a new tanker operation serving Nigeria and West Africa’s regional and global crude oil, refined product and LNG shipping requirements.

“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,” said Erik Hånell, president and CEO, Stena Bulk.

The joint venture partners said they will look into vessel acquisitions and long-term charter arrangements to build a fleet that will primarily serve the logistics needs of NNPC but also cater to other oil producers and traders in the region.

Panos Gliatis, managing director at NNPC Shipping, said the tie-up marks a significant milestone in NNPC’s commitment to modernising Nigeria’s maritime infrastructure.

“By combining our expertise with Stena Bulk and Caverton Marine, we’re creating a robust platform that will enhance our domestic refining, import and export capabilities and strengthen Nigeria’s position in global energy logistics,” Gliatis noted.

Bode Makanjuola, chief executive of Caverton Offshore Support Group stated the jv was the result of many years of planning and that it marks a “significant stride” in enhancing 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,” he added.