BW LPG Signs Joint Venture Agreement with Confidence Petroleum, and Invests USD 40 Million in Confidence Petroleum and in LPG Onshore Import Terminal

(30 November 2023)

BW LPG Limited ("BW LPG", the "Company", OSE Code: "BWLPG.OL") is pleased to
announce the signing of multiple definitive Agreements, viz. a Joint Venture
(JV) with Confidence Petroleum India Limited ("Confidence", NSE Code:
"CONFIPET", BSE Code: "526829"); an investment in Confidence; and an investment
to develop and operate an LPG onshore import terminal in India. The first two
Agreements were signed between Mr Kristian Sørensen, CEO of BW LPG, and Mr Nitin
Khara, Chairman and Managing Director of Confidence Group; and the last
Agreement was similarly signed between Mr Sørensen, Mr Khara, and Mr Rishi
Pilani, Chairman and Managing Director of Ganesh Benzoplast Limited ("Ganesh
Benzoplast", NSE Code: "GANESHBE", BSE Code: 500153").

BW LPG and Confidence have agreed to establish a 50/50 JV named "BW Confidence
Enterprise Private Limited" ("BW Confidence") in India, to explore investment
opportunities in onshore LPG import infrastructures. Based in Mumbai, the JV
will collaborate with BW LPG's trading division as well as India subsidiary, BW
Product Services and BW LPG India respectively, to source and deliver LPG from
the international market to meet Confidence's and India's growing LPG import
needs.

BW LPG will invest approximately USD 30 million in Confidence through a
preferential allotment of equity shares. These shares will constitute 8.50%
(8.50 percent) of the issued and paid-up share capital of Confidence on a fully
diluted basis, and BW LPG has the option to increase its shareholding. The
investment will support Confidence as it expands its capacity in LPG downstream
assets. Confidence currently has about 60 LPG bottling and blending plants and
over 200 auto LPG dispensing stations across India, and it envisions substantial
future growth. The preferential allotment by Confidence to BW LPG is subject to
the approval of Confidence shareholders and customary closing conditions.

BW LPG will also invest approximately USD 10 million to jointly develop and
operate a new LPG onshore import terminal at Jawaharlal Nehru Port Association
(JNPA) Port in Navi Mumbai, India. The Agreement, signed between BW Confidence
and Ganesh Benzoplast, 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. When completed, it will be able to fully offload the latest
fourth-generation Very Large Gas Carriers (93,000 cbm) in a single discharge
operation and will also have the potential to connect to the Uran Chakan
pipeline to ensure competitive and efficient supply of LPG into India.
Construction work on the terminal will commence in 1H 2024 and is expected to be
fully operational in 2026.

BW LPG's latest combined investment of approximately USD 40 million in India
will be funded by returns from investments in BW India. Says Kristian Sørensen,
"These agreements represent a significant milestone in our commitment to grow in
India, and underscore our confidence in the potential of the domestic LPG market
as well as our JV partners. I extend my gratitude and congratulations to
colleagues and counterparts for their dedicated efforts, which have culminated
in today's achievements. We have generated strong and stable returns from our
Indian subsidiary, and we are ready to advance our growth trajectory along the
value chain, to generate even better returns for our shareholders."

India is the most populous country in the world, and the second largest LPG
consumer globally. With an LPG penetration rate of over 99 percent for its 1.4
billion people, LPG is an important part of India's cleaner energy mix. LPG can
improve the quality of life and reduce environmental impact when it replaces
traditional pollutive fuels used for cooking and heating in households. India's
LPG terminals,including BW LPG's investment at JNPA Port, are important
infrastructures that ensure the supply of LPG into India.


For further information, please contact:

Kristian Sørensen
CEO
E-mail: [e-mail]

Samantha Xu
CFO
E-mail: [e-mail]


About BW LPG

BW LPG is the world's leading owner and operator of LPG vessels, owning and
operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over
3 million CBM. With five decades of operating experience in LPG shipping,
experienced employees and an in-house LPG trading division, BW LPG offers an
integrated, flexible, and reliable service to customers. More information about
BW LPG can be found at www.bwlpg.com.

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 490 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, biofuels 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 Lisa Lim, Head of Corporate Communications, on 30 November at
0400hrs CET.

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