NNPC sets up shipping firm for Nigerian LNG

Feb. 1, 2008
NNPC has established a new shipping company, Nikorma Shipping Services, to handle the additional volume of Nigerian LNG exports expected in the coming years.

By OGJ editors
HOUSTON, Feb. 1 -- Nigerian National Petroleum Corp. has established a new shipping company, Nikorma Shipping Services Ltd., to handle the additional volume of Nigerian LNG exports expected in the coming years.

NNPC, which has taken a 51% holding in the venture, plans to reduce this to 30%, offering the remaining shares to private Nigerian investors.

NNPC established Nikorma Shipping with shareholder participation from MISC Bhd., Hyundai Heavy Industries Co. Ltd., and local shipping and logistics firm Deepwater Shipping & Maritime Co. Ltd. MISC will have a 30% holding, HHI 11.5%, and DSMC 7.5%.

Nigeria's LNG exports are projected to rise to 60 million tonnes/year from a current level of 17.9 million tonnes/year over the next 5 years.