BW LPG announced the suspension of investment in the onshore import terminal program of Jawaharlal Nehru Port Association (JNPA) in Navi Mumbai, India.

The project, a joint venture (JV) with Confidence Oil India and Ganesh Benzoplast, was announced in February last year to develop low-profile LPG storage facilities.

BW LPG provided oil with US$30 million (S$38.66 million) by prioritizing the allocation of stocks to allow oil to account for 8.5% of its shares as part of the alliance.

The decision is in line with BW LPG's strategy to focus on its main business drivers - transportation and transactions.

Kristian Sørensen, CEO of BW LPG, said: "We deeply appreciate the commitment and collaboration of our partners in India throughout the planning phase of the project. This decision was not made easily, but reflects a reorientation of our business priorities in a changing environment. India remains an important market for BW LPG and we continue to support the energy launch of its energy through other strategic launches."

The initial investment for the project is approximately $10 million. However, due to the growth of market uncertainty and the strategic shift to optimizing resources, BW LPG decided to withdraw from the project.

This move is part of the company's efforts to maintain operational agility and ensure effective allocation of its assets.

In addition, the Indian government recently claimed that it seized the right to oil and gas production in the event of a national emergency.

This is part of a draft recently revised draft oilfield legislation rules that aim to protect national interests during the crisis.

The Ministry of Oil and Gas is seeking feedback on the draft rules that aim to increase provisions of the 1948 Act to promote domestic production, attract investment and support India's energy transformation goals.

“BW LPG has stopped investing $10 million in LPG import terminal project in India” was originally created and published by GlobalData-owned brand Offshore Technology.

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