BW LPG Signs Joint Venture Agreement with Confidence Petroleum, and Invests USD 40 Million in Confidence Petroleum and in LPG Onshore Import Terminal

(30 November 2023)

BW LPG Limited (“BW LPG”, the “Company”, OSE Code: “BWLPG.OL”) is pleased to announce the signing of multiple definitive Agreements, viz. a Joint Venture (JV) with Confidence Petroleum India Limited (“Confidence”, NSE Code: “CONFIPET”, BSE Code: “526829”); an investment in Confidence; and an investment to develop and operate an LPG onshore import terminal in India. The first two Agreements were signed between Mr Kristian Sørensen, CEO of BW LPG, and Mr Nitin Khara, Chairman and Managing Director of Confidence Group; and the last Agreement was similarly signed between Mr Sørensen, Mr Khara, and Mr Rishi Pilani, Chairman and Managing Director of Ganesh Benzoplast Limited (“Ganesh Benzoplast”, NSE Code: “GANESHBE”, BSE Code: 500153”).

BW LPG and Confidence have agreed to establish a 50/50 JV named “BW Confidence Enterprise Private Limited” (“BW Confidence”) in India, to explore investment opportunities in onshore LPG import infrastructures. Based in Mumbai, the JV will collaborate with BW LPG’s trading division as well as India subsidiary, BW Product Services and BW LPG India respectively, to source and deliver LPG from the international market to meet Confidence’s and India’s growing LPG import needs.

BW LPG will invest approximately USD 30 million in Confidence through a preferential allotment of equity shares. These shares will constitute 8.50% (8.50 percent) of the issued and paid-up share capital of Confidence on a fully diluted basis, and BW LPG has the option to increase its shareholding. The investment will support Confidence as it expands its capacity in LPG downstream assets. Confidence currently has about 60 LPG bottling and blending plants and over 200 auto LPG dispensing stations across India, and it envisions substantial future growth. The preferential allotment by Confidence to BW LPG is subject to the approval of Confidence shareholders and customary closing conditions.

BW LPG will also invest approximately USD 10 million to jointly develop and operate a new LPG onshore import terminal at Jawaharlal Nehru Port Association (JNPA) Port in Navi Mumbai, India. The Agreement, signed between BW Confidence and Ganesh Benzoplast, will fund the construction of the largest cryogenic LPG storage terminal facility at JNPA Port. BW Confidence will own 55% of the JNPA terminal facility. When completed, it will be able to fully offload the latest fourth-generation Very Large Gas Carriers (93,000 cbm) in a single discharge operation and will also have the potential to connect to the Uran Chakan pipeline to ensure competitive and efficient supply of LPG into India. Construction work on the terminal will commence in 1H 2024 and is expected to be fully operational in 2026.

BW LPG’s latest combined investment of approximately USD 40 million in India will be funded by returns from investments in BW India. Says Kristian Sørensen, “These agreements represent a significant milestone in our commitment to grow in India, and underscore our confidence in the potential of the domestic LPG market as well as our JV partners. I extend my gratitude and congratulations to colleagues and counterparts for their dedicated efforts, which have culminated in today’s achievements. We have generated strong and stable returns from our Indian subsidiary, and we are ready to advance our growth trajectory along the value chain, to generate even better returns for our shareholders.”

India is the most populous country in the world, and the second largest LPG consumer globally. With an LPG penetration rate of over 99 percent for its 1.4 billion people, LPG is an important part of India’s cleaner energy mix. LPG can improve the quality of life and reduce environmental impact when it replaces traditional pollutive fuels used for cooking and heating in households. India’s LPG terminals, including BW LPG’s investment at JNPA Port, are important infrastructures that ensure the supply of LPG into India.

For further information, please contact:

Kristian Sørensen

Samantha Xu


About BW LPG

BW LPG is the world’s leading owner and operator of LPG vessels, owning and operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over 3 million CBM. With five decades of operating experience in LPG shipping, experienced employees and an in-house LPG trading division, BW LPG offers an integrated, flexible, and reliable service to customers. More information about BW LPG can be found at

BW LPG is associated with BW Group, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet of over 490 vessels transporting oil, gas and dry commodities, with its 200 LNG and LPG ships constituting the largest gas fleet in the world. In the renewables space, the group has investments in solar, wind, batteries, biofuels and water treatment.

This information constitutes inside information pursuant to Article 7 of the EU Market Abuse Regulation and is subject to the disclosure requirements set out in Section 5-12 of the Norwegian Securities Trading Act. This stock announcement was published by Lisa Lim, Head of Corporate Communications, on 30 November at 0700hrs CET.