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 Today


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

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

People & Company News

Fitch Warning on NordLB Shipping Reduction Plan

Norddeutsche Landesbank Girozentrale's (NORD/LB) strategy to reduce its shipping exposures by EUR4bn-6bn over the next three years makes sense, but will likely encounter high execution risks,

Tideland Signal Acquires Julius Signal

Tideland Signal Corporation, now part of Xylem, has entered into a definitive agreement to acquire certain assets of Julius Signal, extending the company’s portfolio

North P&I Club Repots Positive Financial Performance

North P&I Club reports that an exceptionally low year for claims has helped it increase its free reserves by $90 million to $428 million and deliver a combined ratio of 73.

Education/Training

Returning to the Scene of the Shipwrecks

A participant in a diving field school last fall, graduate student Tori Kiefer is back to help a new set of students learn the joy of surveying shipwrecks.   Last fall,

Crowley Awards Scholarships to Four Mass. Maritime Students

Four students from Massachusetts Maritime Academy (MMA) have been awarded Crowley Maritime Corp.’s Thomas B. Crowley Sr. Memorial Scholarships.   Chosen based on their academic achievement,

Automated Skill Erosion

The increasing automation of vessels is causing some mariners to lose basic maritime skills.   Cruise ship Royal Majesty Grounding During dinner on June 10, 1995,

 
 
Maritime Contracts Maritime Security Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.0840 sec (12 req/sec)