NNPC, Stena Bulk and Caverton Launch new Shipping Venture

Erik Hånell, President & CEO of Stena Bulk, said the partnership aligns with the group's strategy to expand its presence in key growth markets. (Credit: Stena Bulk)

Nigeria's state oil firm NNPC announced a joint venture with Swedish tanker giant Stena Bulk and Nigerian offshore logistics leader Caverton Marine to overhaul maritime transportation in West Africa.

The newly formed company will streamline crude oil, refined products and LNG shipping across West Africa and cater to other oil producers and traders in the region with modern vessels.

The companies did not share financial details of the deal, which was signed last week.

"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," Panos Gliatis, Managing Director of NNPC Shipping, said in a statement.

Erik Hånell, President & CEO of Stena Bulk, said the partnership aligns with the group's strategy to expand its presence in key growth markets.

Nigeria boasts Africa's largest oil refinery and meets 5% of global LNG demand.

(Reuters)