Stena Bulk, Caverton, and Nigeria’s NNPC start a new shipping business

Nigerian state oil company NNPC stated Tuesday that it will restructure maritime transportation in West Africa through a joint venture with Swedish tanker giant Stena Bulk and Nigerian offshore logistics leader Caverton Marine.

With its state-of-the-art vessels, the newly established company will serve other oil producers and merchants in the region while streamlining the shipping of crude oil, refined products, and LNG throughout West Africa.

The contract was signed last week, but the firms did not disclose any financial terms.

Panos Gliatis, NNPC Shipping’s managing director, said in a statement, “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.”

According to Stena Bulk President & CEO Erik Hånell, the collaboration fits with the company’s plan to increase its footprint in important growing markets.

Nigeria supplies 5% of the world’s LNG demand and has Africa’s largest oil refinery.