BW LPG Limited and Global United Shipping India Private Limited have agreed to establish a joint venture in India under the name ‘BW Global United LPG India’ in which the parties will own 50% each. The new joint venture will own and operate Gas Carriers for the transportation of 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.BW LPG looks forward to capturing growth opportunities alongside a trusted partner”, Martin Ackermann, CEO of BW LPG stated.
LPG growth in India is driven primarily by increased retail demand and strong support for LPG consumption from the government of India. Investments in import infrastructure, biomass displacement and continued government support also looks favourable for the LPG market.