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

People & Company News

Euronav Posts 62% Core Profit Increase

Belgian crude oil shipping group Euronav on Wednesday unveiled a 62 percent rise in first-quarter core profit as daily rates for its fleet rebounded from last year.

Modern Solutions Power Systems Conference

Thomas Alva Edison, who is considered to be one of the most prolific inventors in history, once said, “I find out what the world needs. Then I go ahead and try to invent it.

Cool Runnings: R.W. Fernstrum's Engineered Solutions

A hallmark of the global maritime industry is the proliferation of smaller, family founded and managed businesses. R.W. Fernstrum is one such company: a ubiquitous

Education/Training

C-MAR's Modern Approach to DP Training in Brazil

The modern offshore maritime industry heavily relies on different classes of DP vessels, from OSVs to Drillships and Tankers, almost all vessels serving the oil

GEIMS Maritime Training accorded highest grade from DGS

Great Eastern Institute of Maritime Studies (GEIMS) is now the first approved maritime training Institution in India to achieve the 'outstanding (A1)' grade. The

Resolve Maritime Academy to Host 'DC Olympics'

Resolve Maritime Academy informs it is to host the Damage Control (DC) Olympics as an annual event for officers and damage control crew of US Navy and US Coast

 
 
Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Repair Ship Simulators
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: 0.1584 sec (6 req/sec)