After Delivering 2 refineries, NNPC, Others Launch New Project to Improve Energy, Maritime Sector
- A new joint venture that is anticipated to transform Nigerian marine transportation was signed by NNPC Shipping, Stena Bulk, and Caverton Marine Limited
- The agreement aims to create a new tanker operation to supply crude oil, refined goods, and LNG to Nigeria and West Africa on a regional and global scale
- In order to provide excellent, reliable, and efficient maritime transportation, the joint venture partners will launch a new company
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
The Nigerian National Petroleum Company (NNPC) Shipping, Stena Bulk, Caverton Marine Limited announced the signing of a new joint venture that is expected to revolutionise the maritime transportation in Nigeria.
Source: UGC
The deal, signed last week in London, intends to establish a new tanker operation to meet the regional and international shipping needs of crude oil, refined products, and LNG in Nigeria and West Africa.
The joint venture partners will establish a new business with the goal of offering superior, dependable, and effective maritime transportation, according to a statement by NNPCL
Depending on market conditions and regional business prospects, the partners will also look into ways to build a contemporary and effective fleet of tankers, including both new and current tonnage.
With an emphasis on preserving competitive operating costs while upholding the highest standards of sustainability and safety, the partners will assess prospects for both long-term charter agreements and vessel acquisitions.
This fleet will mainly support NNPC's clean, crude, and LNG/LPG logistics requirements.
The new business will also serve other oil producers and dealers by providing the strategic advantage of a contemporary fleet, solid financial support, and a nautical heritage and pedigree.
Speaking on the announcement, Managing Director NNPC Shipping, Panos Gliatis, said:
“This strategic partnership marks a significant milestone in NNPC's commitment to modernising Nigeria's maritime infrastructure. 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."
In his remarks, President & CEO of Stena Bulk, Erik Hånell, said:
"This collaboration aligns perfectly with our pragmatic strategy of expanding our presence in key growth markets while maintaining our high standards of operational excellence and sustainability. Nigeria's energy sector is undergoing remarkable transformation, and we're proud to be part of this journey."
Source: Getty Images
CEO of Caverton Offshore Support Group, Bode Makanjuola, said:
"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.
Two refineries in Nigeria resume petrol sale
Legit.ng reported that the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has announced that its members have commenced the lifting of Premium Motor Spirit (PMS), popularly known as petrol, from the Port Harcourt and Warri refineries.
This was disclosed by Joseph Obele, spokesperson for PETROAN in a statement released over the weekend.
According to PETROAN, the two refineries, owned by the Nigerian National Petroleum Company Limited (NNPCL), are now operational and supplying petroleum products to their association.
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Source: Legit.ng
