At a cost of Rs 650 crore, Confidence Petroleum and BW LPG JV would construct an LPG terminal at JNPT

At a cost of Rs 650 crore, Confidence Petroleum and BW LPG JV would construct an LPG terminal at JNPT

With a 62,000 metric tonne capacity, the terminal is anticipated to improve LPG distribution and storage capacities in India.

The Norwegian joint venture partner BW LPG and the Nagpur-based LPG company Confidence Petroleum India want to construct an onshore Liquefied Petroleum Gas (LPG) import terminal at Jawaharlal Nehru Port Trust (JNPT). Projected to be operational by 2026, the corporations intend to invest a total of Rs 650 crore.

The firms announced during a press conference on February 19 that the terminal would have a capacity of 62,000 metric tons. Additionally, he anticipates that India's infrastructure would improve LPG distribution and storage capacities.

On February 19, the firms declared their joint venture (JV) and committed to investing Rs 2,000 crore for both upstream and downstream growth. According to Nitin Khara, chairman of Confidence Group, Confidence Petroleum intends to use internal accruals to pay for the capital investment.

This action coincides with the government's intention to raise the proportion of natural gas from 6% to 15% of the nation's energy mix. Since LPG is becoming more and more popular as cooking gas, demand in India has already increased. In line with environmental aims, clean gas is also becoming more and more popular in the power, industrial, and transportation sectors.

According to a news release from the corporations, the joint venture would look at infrastructure in addition to possible effects on commercial ties between India and other nations that buy and sell LPG.