May. 20 at 10:17 AM
$BWLP BW LPG announces cessation of investment in LPG onshore import terminal in India
BW LPG has announced its cessation of its investment in the planned LPG onshore import terminal at Jawaharlal Nehru Port Association in Navi Mumbai, India. The project, initiated through a partnership agreement with BW Confidence, a joint venture that BW LPG entered into with Confidence Petroleum India and Ganesh Benzoplast aimed to develop a cryogenic LPG storage facility at JNPA, with a BW LPG investment of approximately
$10M.
The company said, "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."
