BW LPG Concludes USD 30 Million Investment in Confidence Petroleum
(19 February 2024)
With reference to the press release dated 30 November 2023, BW LPG Limited ("BW
LPG", the "Company", OSE Code: "BWLPG.OL") is pleased to announce that it has
completed the transaction to invest approximately USD 30 million in Confidence
Petroleum India Limited ("Confidence", NSE Code: "CONFIPET", BSE Code: "526829")
through a preferential allotment of equity shares. These shares constitute 8.5
percent of the issued and paid-up share capital of Confidence on a fully diluted
basis.
The investment will support Confidence as it expands its capacity in LPG
downstream assets. Confidence currently has over 60 LPG bottling plants and over
200 auto LPG dispensing stations across India, and it envisions substantial
future growth.
Says Kristian Sørensen, CEO of BW LPG, "Our investment in Confidence reflects
our belief in the potential of the Indian LPG market as well as our JV partner.
Their deep experience in LPG cylinder manufacturing, bottling and end-user
distribution naturally complements our heritage in LPG shipping and trading. We
look forward to mutually beneficial growth in the years ahead."
For further information, please contact:
Kristian Sørensen
CEO
E-mail: kristian.sorensen@bwlpg.com
Samantha Xu
CFO
E-mail: samantha.xu@bwlpg.com
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 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 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.
