The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has endorsed the new shipping joint venture (JV) involving the Nigerian National Petroleum Company Limited (NNPC), Caverton Offshore Support Group, and international shipping firm Stenabulk, describing it as a significant step toward retaining revenue within Nigeria and promoting local content.
Speaking during a strategic meeting with the JV partners in Abuja, Lokpobiri highlighted the importance of cross-sector collaboration in delivering long-term national value, stating that the partnership exemplifies the government’s local content objectives in action.
“This joint venture is not just a business deal; it’s a strategic alignment aimed at boosting in-country value retention and enhancing Nigeria’s maritime and oil logistics capacity,” the minister said in a statement issued by his media aide, Nneamaka Okafor.
The initiative is expected to improve maritime transportation for the oil sector in Nigeria and the wider West African region, with a focus on cost-effectiveness, safety, and sustainability.
Lokpobiri expressed satisfaction with the inclusion of Caverton, a Nigerian-owned company, in the JV, saying its participation reflects the government’s commitment to inclusive development and national economic empowerment.
“I’m pleased that Caverton is playing a central role. This ensures that Nigerian expertise and capacity are leveraged and that the economic benefits of this venture stay within our borders,” he stated.
He also praised NNPC for its leadership in driving industry progress and commended President Bola Tinubu for his foresight in championing partnerships that support structural reforms and local investment.
“This venture reflects the president’s vision for a more dynamic and self-reliant energy sector. It’s a clear example of the kind of impactful collaboration needed to transform the economy,” he added.
Caverton’s Chief Operating Officer, Mr. Olabode Makanjuola, affirmed the company’s readiness to contribute meaningfully to the JV, citing Caverton’s deep knowledge of local operations and commitment to delivering world-class results.
Similarly, Stenabulk’s General Manager, Mr. Fredrik Eriksson, welcomed the partnership as a unique blend of global shipping expertise and local operational strength. “We are excited to work with Caverton and NNPC to bring greater innovation and efficiency to Nigeria’s oil and maritime logistics,” he said.
Nzubechukwu Eze.
