The Nigerian National Petroleum Company Limited (NNPCL) has struck at new export deal by shipping its own crude cargo directly to a customer—marking a major shift in how the country trades oil.
The crude will be loaded on April 9 or 10 aboard the Meltemi I, a 164,000-dwt vessel owned by Greece’s Delta Tankers and chartered by NNPC Shipping. Industry observers see this move as a positive step for Nigeria’s economic growth.
In March, NNPC Trading closed a deal to deliver its first crude cargo to one of the major international oil companies. According to NNPC Shipping’s Managing Director Panos Gliatis, the deal was structured on an “ex-ship” basis, meaning NNPC took full responsibility for shipping and insurance—unlike the usual free-on-board (FOB) terms that have dominated Nigeria’s oil trade.
The cargo has the option to discharge at multiple European ports, highlighting NNPC’s growing global footprint. This deal follows a similar approach in 2023, when NNPC shipped liquefied natural gas (LNG) to Japan and China under the same ex-ship model.
That milestone was made possible through the collaboration of NNPC LNG and NNPC Shipping. The first LNG shipment, carried by Knutsen OAS Shipping’s Grazyna Gesicka, landed in Futtsu, Japan, while another delivery headed to China.
NNPCL has been active in LNG trading since 2021 and is now ramping up efforts to strengthen its presence in West Africa. The company is forming a joint venture with Sweden’s Stena Bulk and Nigeria’s Caverton Marine to build a modern fleet of tankers and gas carriers tailored to regional demand.
This strategy likely evolved from a suezmax charter deal inked last year between NNPC Shipping and the Stena Group. In October, NNPC Shipping arranged for two suezmax tankers—sourced from the Stena Sonangol Suezmax Pool—to deliver crude to Nigeria’s massive new Dangote refinery.
With these developments, NNPCL is not only changing how it moves energy but also signaling its ambition to become a key global energy supplier.
Source;leadership.ng
