Levi Ajuonuma News

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…