New Stena Bulk Joint Venture to Expand Nigerian and West African Oil Trade

 

A new joint venture is seeking tankers as it plans to modernize and expand the regional oil trade from Nigeria and into West Africa. Stena Bulk reports it is forming the partnership with offshore operator Caverton Marine and the Nigerian National Petroleum Corporation (NNPC) Shipping.

It comes as the government of Nigeria is calling the country the Africa's largest economy and highlighting its efforts to expand on its position. They highlight the country's strategic location, growing population, and ambitious infrastructure developments which they said are creating new opportunities for shipping companies.

By establishing a world-class tanker operation, the partners said they aid to meet the immediate logistical needs while also contributing to Nigeria's long-term economic diversification and growth. Stena Bulk’s President & CEO Erik Hanell said it part of the company’s strategy to expand presence in key growth markets.

The new tanker operation will serve Nigeria and West Africa's regional and global crude oil, refined product and LNG shipping requirements. Additionally, the new company will cater to other oil producers and traders, offering the strategic advantage of a modern fleet, strong financial backing, and maritime pedigree and heritage.

“This strategic partnership marks a significant milestone in NNPC's commitment to modernizing Nigeria's maritime infrastructure,” said Panos Gliatis, Managing Director of NNPC Shipping.

The partners report they will explore options to create a modern and efficient fleet of tankers, comprising both new and existing tonnage depending on market factors and commercial opportunities in the region. The companies will evaluate opportunities for both vessel acquisitions and long-term charter arrangements.