Singapore’s gas carrier owner BW LPG and Global United Shipping India Private Limited have agreed to establish a joint venture in India in which the parties will own 50% each.
The new joint venture, named BW Global United LPG India Private Limited, will own and operate gas carriers for the transportation of liquefied petroleum gas (LPG) within Indian waters.
As part of the establishment, BW LPG will sell two of its vessels, BW Boss and BW Energy, to the joint venture company and to that end BW LPG has entered into binding vessel sales contracts.
“The joint venture will allow BW LPG to create a strong base in India which is one of the world’s largest LPG import markets. LPG growth in India is driven primarily by increased retail demand and strong support for LPG consumption from the government of India,” Martin Ackermann, CEO of BW LPG, said.
“Investments in import infrastructure, biomass displacement and continued government support also looks favourable for the LPG market. BW LPG looks forward to capturing growth opportunities alongside a trusted partner,” Ackermann added.