December 1, 2023 [Reuters]- Singapore-based BW LPG (BWLPG.OL) will invest $30 million in Confidence Petroleum India (CONF.NS) through preferential allotment of shares, and form a joint venture to develop LPG import infrastructure, the companies said on Thursday.
Confidence Petroleum will also enter into a joint venture agreement with BW VLGC to develop LPG-importing infrastructure. Both companies will have equal ownership in the newly formed joint venture company, BW Confidence Enterprise Pvt.
Shares of Confidence Petroleum rose 2% after the announcement, while Ganesh Benzoplast surged 3.6% in early trade.
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