Latest news with #KristianSørensen
Yahoo
21-05-2025
- Business
- Yahoo
BW LPG discontinues $10m investment in LPG import terminal project in India
BW LPG has announced the cessation of its investment in the planned liquefied petroleum gas (LPG) onshore import terminal at Jawaharlal Nehru Port Association (JNPA) in Navi Mumbai, India. The project, a joint venture (JV) with Confidence Petroleum India and Ganesh Benzoplast, announced in February last year, aimed to develop a cryogenic LPG storage facility. BW LPG had committed $30m (S$38.66m) to Confidence Petroleum as part of the alliance, through a preferential allotment of equity shares, amounting to an 8.5% stake on a fully diluted basis. The decision aligns with BW LPG's strategy to concentrate on its primary business drivers – shipping and trading. BW LPG CEO Kristian Sørensen said: 'We are deeply grateful to our partners in India for their commitment and collaboration throughout the project's planning phase. This decision was not made lightly but reflects a realignment of our business priorities in a changing environment. India remains a vital market for BW LPG, and we continue to support its energy transition through other strategic initiatives.' The initial investment for the project was approximately $10m. However, due to heightened market uncertainties and a strategic shift towards optimising resources, BW LPG has decided to withdraw from the project. This move is part of the company's efforts to maintain operational agility and ensure the effective allocation of its assets. Furthermore, the Indian Government recently asserted its right to pre-empt oil and natural gas production in the event of a national emergency. This is part of the draft rules under the recently amended oilfields legislation, which aims to protect national interests during crises. The Ministry of Petroleum and Natural Gas is seeking feedback on these draft rules, which update provisions from the 1948 Act, aiming to boost domestic production, attract investment and support India's energy transition goals. "BW LPG discontinues $10m investment in LPG import terminal project in India" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Business Wire
20-05-2025
- Business
- Business Wire
BW LPG Limited Ceases Investment in LPG Onshore Import Terminal Project in India
SINGAPORE--(BUSINESS WIRE)--BW LPG Limited ('BW LPG' or the 'Company', OSE ticker code: ' NYSE ticker code: 'BWLP') has announced its cessation of its investment in the planned LPG onshore import terminal at Jawaharlal Nehru Port Association (JNPA) in Navi Mumbai, India. The project, initiated through a partnership agreement with BW Confidence Enterprise Private Limited ('BW Confidence'), a joint venture that BW LPG entered into with Confidence Petroleum India Ltd. (NSE/BSE code: 'CONFIPET'), and Ganesh Benzoplast Limited ('Ganesh Benzoplast', NSE Code: 'GANESHBE', BSE Code: 500153') aimed to develop a cryogenic LPG storage facility at JNPA, with a BW LPG investment of approximately USD 10 million. 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. Kristian Sørensen, CEO at BW LPG, states, 'We are deeply grateful to our partners in India for their commitment and collaboration throughout the project's planning phase. This decision was not made lightly but reflects a realignment of our business priorities in a changing environment. India remains a vital market for BW LPG, and we continue to support its energy transition through other strategic initiatives.' About BW LPG BW LPG is the world's leading owner and operator of LPG vessels, owning and operating a fleet of more than 50 Very Large Gas Carriers (VLGCs) with a total carrying capacity of over 4 million CBM. With five decades of operating experience in LPG shipping, an in-house LPG trading division and investment in LPG downstream distribution, BW LPG offers an integrated, flexible and reliable service to customers along the LPG value chain. Delivering energy for a better world - more information about BW LPG can be found at 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 450 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, and water treatment. This information constitutes inside information pursuant to Article 7 of the EU Market Abuse Regulation and is subject to the disclosure requirements set out in Section 5-12 of the Norwegian Securities Trading Act. This stock announcement was published by Aline Anliker, Head of Corporate Communications, on 20 May 2025 at 7:00am CET.
Yahoo
20-05-2025
- Business
- Yahoo
BW LPG Limited Ceases Investment in LPG Onshore Import Terminal Project in India
SINGAPORE, May 20, 2025--(BUSINESS WIRE)--BW LPG Limited ("BW LPG" or the "Company", OSE ticker code: " NYSE ticker code: "BWLP") has announced its cessation of its investment in the planned LPG onshore import terminal at Jawaharlal Nehru Port Association (JNPA) in Navi Mumbai, India. The project, initiated through a partnership agreement with BW Confidence Enterprise Private Limited ("BW Confidence"), a joint venture that BW LPG entered into with Confidence Petroleum India Ltd. (NSE/BSE code: "CONFIPET"), and Ganesh Benzoplast Limited ("Ganesh Benzoplast", NSE Code: "GANESHBE", BSE Code: 500153") aimed to develop a cryogenic LPG storage facility at JNPA, with a BW LPG investment of approximately USD 10 million. 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. Kristian Sørensen, CEO at BW LPG, states, "We are deeply grateful to our partners in India for their commitment and collaboration throughout the project's planning phase. This decision was not made lightly but reflects a realignment of our business priorities in a changing environment. India remains a vital market for BW LPG, and we continue to support its energy transition through other strategic initiatives." About BW LPG BW LPG is the world's leading owner and operator of LPG vessels, owning and operating a fleet of more than 50 Very Large Gas Carriers (VLGCs) with a total carrying capacity of over 4 million CBM. With five decades of operating experience in LPG shipping, an in-house LPG trading division and investment in LPG downstream distribution, BW LPG offers an integrated, flexible and reliable service to customers along the LPG value chain. Delivering energy for a better world - more information about BW LPG can be found at 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 450 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, and water treatment. This information constitutes inside information pursuant to Article 7 of the EU Market Abuse Regulation and is subject to the disclosure requirements set out in Section 5-12 of the Norwegian Securities Trading Act. This stock announcement was published by Aline Anliker, Head of Corporate Communications, on 20 May 2025 at 7:00am CET. View source version on Contacts For further information, please contact Kristian Sørensen, Chief Executive OfficerSamantha Xu, Chief Financial
Business Wire
06-05-2025
- Business
- Business Wire
BW LPG Limited – Q1 2025 Financial Report Release and Earnings Presentation on 20 May 2025
SINGAPORE--(BUSINESS WIRE)--BW LPG Limited ('BW LPG', the 'Company', OSE ticker code: ' NYSE ticker code: 'BWLP') will release its Q1 2025 Financial Report at approximately 07:00hrs CEST/ 01:00hrs EDT/ 13:00hrs SGT on 20 May 2025. In connection with this release, BW LPG will hold an Earnings Presentation with Kristian Sørensen (CEO) and Samantha Xu (CFO). The details are as following: Location and Time: Oslo, Norway (14:00 CEST) New York, USA (08:00 EDT) Singapore, Singapore (20:00 SGT) The financial results presentation will be held live via Zoom. Please register in advance via the following link: A confirmation email will be sent, with information on how to join the Zoom meeting. A recording of the presentation will also be available after the event on the Company's website at About BW LPG BW LPG is the world's leading owner and operator of LPG vessels, owning and operating a fleet of more than 50 Very Large Gas Carriers (VLGCs) with a total carrying capacity of over 4 million CBM. With five decades of operating experience in LPG shipping, an in-house LPG trading division and a growing presence in LPG terminal infrastructure and distribution, BW LPG offers an integrated, flexible, and reliable service to customers along the LPG value chain. Delivering energy for a better world - more information about BW LPG can be found at 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 450 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, and water treatment. This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
Yahoo
06-05-2025
- Business
- Yahoo
BW LPG Limited – Q1 2025 Financial Report Release and Earnings Presentation on 20 May 2025
SINGAPORE, May 06, 2025--(BUSINESS WIRE)--BW LPG Limited ("BW LPG", the "Company", OSE ticker code: " NYSE ticker code: "BWLP") will release its Q1 2025 Financial Report at approximately 07:00hrs CEST/ 01:00hrs EDT/ 13:00hrs SGT on 20 May 2025. In connection with this release, BW LPG will hold an Earnings Presentation with Kristian Sørensen (CEO) and Samantha Xu (CFO). The details are as following: Date: Tuesday, 20 May 2025 Location and Time:Oslo, Norway (14:00 CEST)New York, USA (08:00 EDT)Singapore, Singapore (20:00 SGT) The financial results presentation will be held live via Zoom. Please register in advance via the following link: A confirmation email will be sent, with information on how to join the Zoom meeting. A recording of the presentation will also be available after the event on the Company's website at About BW LPG BW LPG is the world's leading owner and operator of LPG vessels, owning and operating a fleet of more than 50 Very Large Gas Carriers (VLGCs) with a total carrying capacity of over 4 million CBM. With five decades of operating experience in LPG shipping, an in-house LPG trading division and a growing presence in LPG terminal infrastructure and distribution, BW LPG offers an integrated, flexible, and reliable service to customers along the LPG value chain. Delivering energy for a better world - more information about BW LPG can be found at 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 450 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, and water treatment. This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act. View source version on Contacts For further information, please contact:Kristian Sørensen, CEOSamantha Xu, CFOE-mail:
