Caverton, NNPC partner to revolutionise Nigerian maritime transport
"This will create a new tanker operation serving Nigeria and West Africa’s regional and global crude oil, refined product, and LNG shipping requirements."
Caverton Offshore Support Group says the Nigerian National Petroleum Corporation (NNPC) Shipping, Stena Bulk, and Caverton Marine Ltd., have signed a new joint venture that will transform Nigerian maritime transportation.
This is according to a corporate disclosure by Caverton, signed by Mr Olabode Makanjuola, Chief Executive Officer of Caverton Offshore Support Group Plc.
Makanjuola said that the agreement was signed in London recently. He said this will create a new tanker operation serving Nigeria and West Africa’s regional and global crude oil, refined product, and LNG shipping requirements.
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According to him, the joint venture partners will create a new company whose objective would be to provide top-quality, reliable, and efficient maritime transport.
He said the partners would explore options to create a modern and efficient fleet of tankers, comprising new and existing tonnage, depending on market commercial opportunities in the region.
He explained that the companies would 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.
He noted that this fleet would primarily serve the logistics needs of NNPC, including crude, clean, and LNG/LPG transportation and generally enhance maritime transport.
He noted thst he new company would cater to other oil producers and traders, offering the strategic advantage of a modern fleet, strong financial backing, and maritime pedigree and heritage.
“This joint venture, the result of many years of planning, 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.
“This joint venture comes at a time when Nigeria is asserting its position as Africa’s largest economy.
“The country’s strategic location, growing population, and ambitious infrastructure developments are creating new opportunities for shipping companies.
“By establishing this world-class tanker operation, the partners are not only meeting immediate logistical needs but also contributing to Nigeria’s long-term economic diversification and growth,” he said.
