Heineken Lokpobiri, minister of petroleum resources (oil), says the joint venture (JV) between the Nigerian National Petroleum Company (NNPC) Limited, Caverton Offshore Support Group, and Stena Bulk exemplifies a bold step towards transforming the energy sector and securing Nigeria’s economic position.
According to NAN, the minister spoke during a strategic engagement with the JV partners in Abuja on Tuesday.
On February 25, the NNPC Shipping, an arm of the NNPC Limited, signed a JV deal with Stena Bulk, and Caverton Marine.
Speaking on the collaboration, Lokpobiri underscored the importance of cross-sector collaboration in achieving national profitability goals.
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The minister said the JV is evidence of President Bola Tinubu’s vision and was made possible by his leadership and vision in industrial reforms.
“It reflects the kind of impact-driven collaboration that we believe will transform the energy sector and strengthen Nigeria’s economic position,” he said.
”For us to maximise expected profitability and deliver long-term value to the nation, every sector of the industry must be actively firm and aligned with one another.
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”The JV represents a practical example of the government’s local content aspirations becoming reality.
”I am pleased to see a Nigerian company (Caverton) at the heart of this strategic partnership. It is not only a reflection of our commitment to inclusive development but also ensures national participation.”
Lokpobiri added that the partnership strongly aligns with Nigeria’s local content policy.
The minister said the initiative would boost the economy by guaranteeing revenue retention within Nigeria’s borders.
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On his part, Olabode Makanjuola, chief operating officer of Caverton Offshore Support Group, affirmed the company’s readiness to deliver on the objectives of the JV.
”We are proud to be a part of this collaboration. Caverton brings a strong understanding of local operations and a firm commitment to demonstrating that indigenous capacity can deliver world-class results,” he said.
Fredrik Eriksson, general manager of Stena Bulk, also described the partnership as a unique opportunity to combine international shipping expertise with local operational strength.
Eriksson expressed excitement at the collaboration with Caverton and NNPC, saying it will bring “innovation and efficiency to the sector”.
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