… Says initiative aligns with Local Content, revenue retention
Mkpoikana UdomaPort Harcourt — Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has thrown his weight behind a new Joint Venture, JV, between the NNPC Limited, Caverton Offshore Group, and global shipping giant Stena Bulk, describing it as a “strategic move” that aligns with national interest, local content policy, and the drive for revenue retention.
The tripartite JV, which aims to optimize shipping operations for NNPCL, is seen as a significant development in local capacity building, as it features two Nigerian-operated but globally recognized entities—NNPCL and Caverton.
Speaking during a high-level interaction with stakeholders from the three JV partners, Lokpobiri emphasized the need for full alignment across all segments of Nigeria’s oil and gas industry to unlock its maximum potential.
According to him, the JV would improve the shipping efficiency of NNPCL, boost indigenous participation in the maritime segment of the oil and gas value chain, and create new jobs and technical capacity within the country.
“Every sector of our oil industry must be actively engaged and firmly aligned for us to fully harness the profitability potential in the overarching interest of the nation.
“The participation of two Nigerian operated but globally recognized companies, the NNPCL and Caverton, in the JV, is quite interesting. Their involvement is not only a show of our commitment to strategic collaboration but also reinforces the essence of national ownership—a concept that closely aligns with our Local Content policy,” the minister said.
According to the minister, the initiative goes beyond compliance with policy and represents a practical step toward reducing capital flight and stimulating economic growth domestically.
“Beyond policy compliance, it represents a meaningful step towards revenue retention and economic stimulation within our borders,” he added.
Lokpobiri also praised the vision of President Bola Ahmed Tinubu, describing the JV as a reflection of the administration’s forward-thinking approach to restructuring and expanding the energy sector.
“Initiatives such as this reaffirm our belief in the far-reaching impact of President Bola Ahmed Tinubu’s foresight,” he said.
The meeting marks an early step in what could become a defining collaboration for Nigeria’s offshore logistics and crude oil transportation capabilities.
