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DSME enters Nigerian joint venture

DSME enters Nigerian joint venture

Seoul: Daewoo Shipbuilding and Marine Engineering (DSME) has formed a $10m joint venture (jv) with Nigerian National Petroleum (NNP), provisionally named Nigeria Daewoo Shipping. The jv will see DSME (pictured), which owns a 51% majority stake, in charge of management and transportation while NNP is to supply crude oil for shipping.

A spokesperson for DSME said, "This new business will be a touchstone for our business diversification strategy and we will develop Nigeria as a strategic outpost by seeking shipping, energy and other businesses."  [02/01/07]

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