BW LPG forges JV with Confidence Petroleum, invests in LPG onshore terminal in India

Singapore-based owner and operator of LPG vessels BW LPG Limited has signed agreements with Confidence Petroleum India Limited, including a 50/50 Joint Venture (JV) called BW Confidence Enterprise Private Limited to invest in the development of onshore LPG import infrastructure in India.

This JV, based in Mumbai, will collaborate with BW LPG’s trading division and India subsidiaries BW Product Services and BW LPG India respectively to source and deliver LPG internationally.

In addition, BW LPG will invest approximately $30 million in Confidence through a preferential allotment of equity shares, constituting 8.50% of Confidence’s share capital. BW LPG can increase its shareholding, pending shareholder approval and customary closing conditions. This investment will support Confidence’s expansion in LPG downstream assets.

Another investment of approximately $10 million will fund a joint project with Ganesh Benzoplast to develop a new LPG onshore import terminal at Jawaharlal Nehru Port Association (JNPA) Port in Navi Mumbai, expected to be operational in 2026.

Source: World Maritime News