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 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Gondan to Build Spanish Patrol Boats

Gondan Shipyard has recently signed a contract with the Guardia Civil, Spain’s Civil Guard, for the building of two patrol boats. The aluminum and fiber (PRFV ) vessels will measure 20.

ABS to Class the World's First CNG Ship

ABS announced it has been chosen to class the world's first compressed natural gas (CNG) carrier ordered by Pelayaran Bahtera Adhiguna, a subsidiary of Indonesia's

Interview: Roberto Cazzulo Talks Class Trends

As Roberto P. Cazzulo, RINA, steps down as the Chairman of the IACS Council, Maritime Reporter caught up with him to discuss the current state and future direction of global class.

Education/Training

Webb Institute Ranked a Best Value College

Webb Institute, an undergraduate institute specializing in Naval Architecture and Marine Engineering, ranked number two on Money magazine’s list of Money's Best Colleges,

HydroComp to Hold Propeller 'Mini-Workshop'

A special version of HydroComp's intensive Propeller Workshops will be brought to Tampa before the start of IBEX 2014.   The Mini-Workshop is a special version

USCG Leadership Development Center Change of Command

The Coast Guard’s Leadership Develop Center will have its first change of command ceremony Thursday, July 31 at 11 a.m. in front of Yeaton Hall at the U.S. Coast Guard Academy in New London, Conn.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1102 sec (9 req/sec)