Junior petroleum minister Heineken Lokpobiri has described the joint venture between Nigerian National Petroleum Company Limited, Caverton Offshore Support Group and Stenabulk as a strategic industry alignment.

Mr Lokpobiri also said the JV was a bold step toward enhancing shipping operations, strengthening local content, and driving economic growth.

A statement on Wednesday said that the minister, who spoke during a strategic engagement with the JV partners, restated the importance of cross-sector collaboration in achieving national profitability goals.

He attributed the JV to President Bola Tinubu’s leadership and foresight in industry reforms.

“This joint venture is a testament to the president’s vision. It reflects the kind of impact-driven collaboration that we believe will transform the energy sector and strengthen Nigeria’s economic position.

”For us to maximise expected profitability and deliver long-term value to the nation, every sector of the industry must be actively firm and aligned with one another. The JV represents a practical example of the government’s local content aspirations becoming reality,” he said.

Mr Lokpobiri expressed satisfaction with the partnership with Caverton, an indigenous firm.

The chief operating officer of Caverton Offshore Support Group, Olabode Makanjuola, affirmed the company’s readiness to deliver on the objectives of the joint venture.

The general manager of Stenabulk, Fredrik Eriksson, also described the partnership as a unique opportunity to merge international shipping expertise with local operational strength.

(NAN)