NNPC, Daewoo in Joint Venture

Wednesday, December 27, 2006
After over five decades of its involvement in crude oil and gas exploration without involving in crude oil transportation, the Nigerian National Petroleum Corporation (NNPC), has signed a joint venture agreement with Daewoo Ship-building and Marine Engineering (DSME) of South Korea, to establish a world class shipping company which will be involved in crude oil transportation.

Already, $10 million has been released as the initial capital for the joint venture business, which would be called Nigera-Daewoo Shipping Ltd (NIDAS). The NNPC will aquire a controlling equity interest of 51 per cent, while DSME will have 49 per cent . A release signed by Dr Levi Ajuonuma, General Manager, Group Public Affairs Division of the Corporation, stated that the scope of NIDAS will be local and international marine transportaion of merchant goods, crude oil and petroleum products. The joint venture, he said, will have an offshore office, which would be responsible for vessle operations and logistics. The statement, which was made available to THISDAY at the weekend reads, "the Nigerian National Petroleum Corporation (NNPC) and Daewoo Shipbuilding and Marine Engineering (DSME) of South Korea have signed a joint venture agreement to establish a world class shipping company. The shipping joint venture company will be called Nigeria Daewoo Shipping Ltd. (NIDAS). Source: This Day

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Conrad Shipyard Forms LNG Business Unit

Conrad Shipyard has formed a new business unit focused on LNG projects.   Conrad, builder of North America’s first LNG bunker barge scheduled for 2017 delivery,

Prince Charles Places Final Section of UK Aircraft Carrier

The second of the largest warships ever built for the U.K. Royal Navy, the Queen Elizabeth Class carrier HMS Prince of Wales, was given the royal seal of approval when HRH The Prince of Wales,

New Zealand: Maritime Trade is Key

Globally, shipping is on the rise – already 80-90 percent of the world’s trade is by ship; that is more than 12 billion metric tons of goods annually, shipped by 1.

Education/Training

Donors Give $2.9 Mln to Train BC’s Future Shipbuilders

The Dennis & Phyllis Washington Foundation, in conjunction with Seaspan, announced today a multi-year, multimillion dollar investment in the future of British Columbia’s marine industrial sector.

Transas CEO Coles Salutes the World's Seafarers

A message from Frank Coles, CEO of Transas, on the International Day of the Seafarer   As an ex-seafarer, I know of the often challenging circumstances that the

BSM Adds Simulators at Cyprus Training Center

Bernhard Schulte Shipmanagement (BSM) has invested in a Full Mission Bridge and an Engine Room simulator for its training center in Limassol, Cyprus, allowing BSM

 
 
Maritime Contracts Maritime Standards Navigation Pod Propulsion Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0912 sec (11 req/sec)