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.