THE Nigerian National Petroleum Company Limited (NNPCL) says it has sealed a new joint venture to transform Nigerian maritime transportation.

The partnership was signed between NNPC Shipping, Stena Bulk, and Caverton Marine Limited.

According to the state-owned oil company in a statement on Tuesday, February 24 by its chief corporate communications officer, Olufemi Soneye, the agreement was signed in London last week.

He said the partnership aims to create a new tanker operation serving Nigeria and West Africa crude oil and refined petroleum products’ regional and global shipping requirements.

The joint venture partners will create a new company whose objective is to provide top quality, reliable, and efficient maritime transport, Soneye stated.

The partners will also 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 partners will 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.

“This fleet will primarily serve the logistics needs of NNPC (crude, clean, and LNG/LPG).

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,” Soneye stated.

He quoted the managing director of NNPC Shipping, Panos Gliatis, to have said that the strategic partnership is to modernise 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,” Gliatis said.

The president and chief executive officer (CEO) of Stena Bulk, Erik Hånell, remarked, “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 a remarkable transformation, and we’re proud to be part of this journey.”

On his part, the CEO of Caverton Offshore Support Group, Bode Makanjuola, added, “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.”

The ICIR can report that stakeholders in the industry have been concerned that maritime transportation in Nigeria has been grossly underdeveloped.

A former secretary general of the Gulf of Guinea, Adenike Ukonga, during the 2023 Lagos International Maritime Week, pointed out that the majority of the ships providing maritime transportation services in the West and Central Africa region are from Europe, Asia, and the Far East.

It is a cause of great concern to maritime industry watchers that maritime transportation with so much potential for economic emancipation and the development of the coastal countries is virtually in the hands of non-Africans and solidly in their control, she said.

Meanwhile, the NNPC joint venture comes at a time when Nigeria is asserting its position as Africa’s largest economy.

It said Nigeria’s strategic location, growing population, and ambitious infrastructure developments are creating new opportunities for shipping companies.

By establishing the tanker operation, the NNPCL believes that the partners are not only meeting immediate logistical needs but also contributing to Nigeria’s long-term economic diversification and growth.

The NNPC Shipping, which is the shipping arm of NNPCL  spearheads the integral shipping logistics operations crucial for the country’s oil and gas distribution.

The  ICIR reported that the Nigerian Ports Authority (NPA) introduced the electronic call-up system, powered by the Eto App, to tackle the issue of truck congestion in Apapa ports and restore order to that economic gateway.

However, indiscriminate extortion and touting by hoodlums and corrupt security agencies along ports’ corridors have continued to impede the efficiency of the system.