Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has praised a new shipping operations Joint Venture (JV) between the Nigerian National Petroleum Corporation (NNPC), Caverton Offshore Support Group, and Stenabulk, stating that it will ensure revenue retention within the country.
The minister described the deal as a significant step towards enhancing shipping operations in Nigeria, strengthening local content, and driving economic growth through strategic industry alignment.
The joint venture is expected to improve maritime transportation in Nigeria’s oil sector and the broader West African region, focusing on cost-effectiveness, safety, and sustainability.
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Lokpobiri, speaking during a meeting with the JV partners, emphasized the importance of cross-sector collaboration in achieving national profitability goals.
“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,” the minister stated, highlighting the JV as a practical example of the government’s local content aspirations.
He expressed satisfaction with the participation of Caverton, a Nigerian company, in the partnership, noting that it ensures national participation and aligns with Nigeria’s local content policy.
“I am pleased to see a Nigerian company at the heart of this strategic partnership. It is not only a reflection of our commitment to inclusive development but also ensures national participation – something that strongly aligns with our local content policy. This initiative will boost the economy by ensuring revenue retention within our borders,” he added.
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