Daewoo, NNPC Form Joint Shipping Venture

Wednesday, January 03, 2007
DSME and the Nigerian National Petroleum Company (NNPC) 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). The scope of NIDAS will be local and international transportation of merchant goods, crude oil and petroleum products. The initial capital of NIDAS will be $10 million. The equity interests of DSME and NNPC in the shipping company will be 49% and 51% respectively. The joint venture will also have an offshore office which will be responsible for vessel operations and logistics. DSME has clear mid and long term goals and expects to fully participate in the oil and gas activities including the energy sector through its involvement in NIDAS. Nigeria offers many business opportunities and a friendly investment environment to Korean companies, therefore DSME will have ample opportunities to engage in new business development and diversify its investment portfolio in Nigeria. Such opportunities may include participation in the development of oil fields as well as the construction of FPSOs or semi-submersible drilling rigs. The NIDAS joint venture is DSME’s fourth overseas project, following DMHI, DSSC, and the Oman Drydock project. The NIDAS project fits in well with DSME’s mid to long-term vision for the building of a global network.
Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

ISS Inks Service Pact with Technip

Inchcape Shipping Services (ISS) and Techniphave signed a contract to provide marine agency services and logistics for the Rashid C project in the Middle East. Currently

Hercules-2 Officially Launched

MAN Diesel & Turbo, Wärtsilä and Winterthur Gas & Diesel to collaborate on major, EU-funded project.   A major cross-industry initiative led by MAN Diesel & Turbo,

ST Marine Launches First LMV for RSN

Singapore Technologies Marine Ltd (ST Marine), the marine arm of Singapore Technologies Engineering Ltd (ST Engineering), held the Launching ceremony for the first

Education/Training

Research Vessel Heincke: Serving Science for 25 years

7 July 2015. A quarter of a century old, with over 900,000 kilometres (488,842 nautical miles) logged and still on the cutting edge of science and technology:

Aberdeen Pupils Peek into Subsea Oil & Gas Technology

Pupils at an Aberdeen primary school were given a rare insight into the depths of the oil and gas industry’s subsea sector after getting to sit in the driving

WISTA Seminar on Dry Bulk Receives Wide Response

A Shipping Seminar on "Dry Bulk Chartering, Operations and Arbitration”  held on 27th June 2015 at the Narottam Morarjee Institute of Shipping, Nariman Point, Mumbai was well attended.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage 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: 0.3031 sec (3 req/sec)