NNPC Partners Stena Bulk, Caverton to Boost Energy Logistics

By Adedapo Adesanya

The Nigerian National Petroleum Company (NNPC) Limited has announced a joint venture with Swedish tanker giant Stena Bulk and Nigerian offshore logistics firm, Caverton Marine, to boost energy logistics in West Africa.

The state energy company announced this on Tuesday, saying the newly formed partnership will streamline crude oil, refined products and liquified natural gas (LNG) shipping across West Africa and cater to other oil producers and traders in the region with modern vessels.

This development marks one of the moves as Nigeria has been looking to overhaul its maritime sector, with efforts to tap into the blue economy a core focus of the administration of President Bola Tinubu.

The companies did not share the financial details of the deal, which was signed last week.

Speaking on the deal, Mr Panos Gliatis, Managing Director of NNPC Shipping, said that the companies will put together their expertise and experience to position Nigeria as a leading player in energy logistics.

“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 and strengthen Nigeria’s position in global energy logistics.”

On his part, the President and CEO of Stena Bulk, Mr Erik Hånell, said the partnership aligns with the group’s strategy to expand its presence in key growth markets.

Founded in 1982, the Swedish firm Stena Bulk is one of the world’s leading tanker shipping companies. It provides safe and cost-efficient transport of crude oil and refined petroleum at sea.