12/1/23, 7:50 PM Print

Confidence Petroleum Strengthening India's Energy Infrastructure..

2 min read. Updated: Dec 1 2023

Confidence Petroleum Ltd (Market Cap : Rs 2,406 Cr) (“Company”) has

recently secured an investment of $30 million from Singapore based BW
LPG through preferential allotment of shares, and, will form a joint venture to
develop LPG import infrastructure.

Deal Structure:

Part 1:

Confidence Petroleum issued up to 2,82,29,120 equity shares of INR 1

each of the company to BW VLGC Pte. Ltd. by way of preferential issue
on private placement basis at a price of INR 88.60 per share, amounting
to around Rs. 250cr.
These shares will constitute 8.50% of the issued and paid up share
capital of Confidence on a fully diluted basis.

Part 2:

BW LPG and Confidence will form a 50/50 JV (BW Confidence

Enterprise Pvt Ltd) to jointly develop and operate a new LPG onshore
import terminal at Jawaharlal Nehru Port Association (“JNPA”) Port in
Navi Mumbai, India.
BW LPG will additionally invest $10 million for this venture.

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BW Confidence Enterprise Pvt. Ltd :

BW Confidence Enterprise Pvt Ltd. will be formed to explore investment

opportunities in onshore LPG import infrastructures.
Situated in Mumbai, the joint venture will work in conjunction with BW
LPG's trading division, along with its Indian subsidiaries, BW Product
Services and BW LPG India, to procure and transport LPG from the
global market to fulfill the increasing LPG import requirements of the
Company and India.
BW Confidence signed an agreement with Ganesh Benzoplast which
will fund the construction of the largest cryogenic LPG storage terminal
facility at JNPA Port.
BW Confidence will own 55% of the JNPA terminal facility. The
construction of the terminal is scheduled to begin in the first half of 2024,
with full operational readiness anticipated by 2026.

Strategic Advantages for Confidence Petroleum:

Who is BW LPG?

BW LPG is one the largest owners and operators of LPG vessels globally,
operating Very Large Gas Carriers (VLGC) with a total carrying capacity
of 3 million cubic meter.

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BSE Announcement

Confidence Petroleum is well on track to solidify it’s position as the

largest fully integrated private sector LPG player. This equity infusion will
help it grow even faster and also give access to high quality
infrastructure for import of gas.

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