Stena Bulk, NNPC form joint venture to capitalise on Nigeria's promising energy sector

The three companies will form a new entity dedicated to meeting Nigeria and West Africa’s growing regional and global shipping needs for crude oil, refined products and LNG. The joint venture will explore opportunities to build a modern, efficient fleet, combining both new and existing tonnage, with a focus on vessel acquisitions and long-term charter arrangements.

Primarily, the fleet will cater to the logistics requirements of NNPC, including the transport of crude oil, clean products, LNG and LPG.

Stena Bulk, a global leader in tanker shipping, operates a fleet of approximately 70 vessels. Meanwhile, NNPC Shipping, a division of Nigeria’s national energy corporation, specialises in comprehensive shipping logistics. Complementing this, Caverton Marine is a regional provider of marine and aviation logistics services, supporting the oil and gas sectors across Nigeria and sub-Saharan Africa.

’Groundbreaking’ joint venture

NNPC Shipping managing director Panos Gliatis highlighted the partnership is creating a robust platform that will enhance Nigeria’s position in global energy logistics.

This sentiment was echoed by Stena Bulk president and chief executive Erik Hånell, who emphasised the company’s expansion into key growth markets and noted the remarkable transformation currently underway in Nigeria’s energy sector.

Caverton Offshore Support Group chief executive Bode Makanjuola called the venture a world-class tanker operation that will benefit both Nigeria and the broader sub-Saharan Africa region.

Significant prospects 

The joint venture arrives at a pivotal moment, as Nigeria strengthens its position as Africa’s largest economy, with the broader region’s prospects looking increasingly promising. 

At the recent Annual Offshore Support Journal Conference, Awards & Exhibition in London, ABC Marine chief offshore officer George Horsington, highlighted the prospects of West Africa as an emerging offshore market.

Mr Horsington highlighted 30 rigs are currently operating in West Africa, spanning several markets and locations. Additionally, the region is home to 40 FPSOs and 200 OSVs. Together, assets in Africa represent about 10% of the global offshore fleet.

Growth areas in the region are well-established, with Angolan and Nigerian projects leading the way and strategically positioned to meet European energy demands.