NNPC Limited yesterday disclosed that its subsidiary, NNPC Shipping has signed a joint venture agreement with Stena Bulk, and Caverton Marine Limited for the shipping of various petroleum products across the industry.
The deal, according to a statement by the company’s Chief Corporate Communications, Olufemi Soneye, will create a new tanker operation serving Nigeria and West Africa’s crude oil, refined product and LNG regional and global shipping requirements.
Soneye said the agreement which was signed in London last week will transform Nigerian maritime transportation.
“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 create a modern and efficient fleet of tankers, comprising both new and existing tonnage depending on market factors and commercial opportunities in the region.
“The partners will evaluate opportunities for both vessel acquisitions and long-term charter arrangements, with a focus on maintaining competitive operating costs while meeting the highest standards of safety and sustainability. This fleet will primarily serve the logistics needs of NNPC (crude, clean and LNG/LPG).”
