The purpose of the new joint venture, named BW Global United LPG India Private Limited, is to own and operate Gas Carriers for the transportation of LPG within Indian waters, MANA correspondent reported.
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. 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”, says Martin Ackermann, CEO of BW LPG.
BW LPG is the world's leading owner and operator of LPG vessels. BW LPG currently owns and operates 54 Very Large Gas Carriers (VLGC) and Large Gas Carriers (LGC) including two VLGC newbuildings with a total carrying capacity of 4.5 million cbm.