Singapore, 20 May 2025
BW LPG Limited ("BW LPG" or the "Company", OSE ticker code: "BWLPG.OL", NYSE
ticker code: "BWLP") has announced its cessation of its investment in the
planned LPG onshore import terminal at Jawaharlal Nehru Port Association (JNPA)
in Navi Mumbai, India.
The project, initiated through a partnership agreement with BW Confidence
Enterprise Private Limited ("BW Confidence"), a joint venture that BW LPG
entered into with Confidence Petroleum India Ltd. (NSE/BSE code: "CONFIPET"),
and Ganesh Benzoplast Limited ("Ganesh Benzoplast", NSE Code: "GANESHBE", BSE
Code: 500153") aimed to develop a cryogenic LPG storage facility at JNPA, with a
BW LPG investment of approximately USD 10 million.
In light of ongoing and heightened market uncertainties influencing the global
business landscape, the BW LPG management has decided to strengthen its
strategic focus on the company's core value drivers-shipping and trading.
Consequently, the company will scale back activities within its infrastructure
segment to ensure optimal resource allocation and maintain operational agility.
As a result, the Company has made a strategic decision to cease the investment
in the onshore LPG import terminal at JNPA and discontinue its involvement in
the terminal's development.
Kristian Sørensen, CEO at BW LPG, states, "We are deeply grateful to our
partners in India for their commitment and collaboration throughout the
project's planning phase. This decision was not made lightly but reflects a
realignment of our business priorities in a changing environment. India remains
a vital market for BW LPG, and we continue to support its energy transition
through other strategic initiatives."
For further information, please contact
Kristian Sørensen, Chief Executive Officer
Samantha Xu, Chief Financial Officer
investor.relations@bwlpg.com
About BW LPG
BW LPG is the world's leading owner and operator of LPG vessels, owning and
operating a fleet of more than 50 Very Large Gas Carriers (VLGCs) with a total
carrying capacity of over 4 million CBM. With five decades of operating
experience in LPG shipping, an in-house LPG trading division and investment in
LPG downstream distribution, BW LPG offers an integrated, flexible and reliable
service to customers along the LPG value chain. Delivering energy for a better
world - more information about BW LPG can be found at https://www.bwlpg.com.
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 450 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, 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 Aline Anliker, Head of Corporate Communications, on 20 May 2025
at 7:00am CET.