BW LPG announced that it has entered into an agreement to acquire the LPG trading operations from Vilma Oil, to expand BW LPG’s Product Services division.
The Product Services division was established in February 2019 to offer customers a low-risk and fully integrated product delivery service, and support BW LPG’s core shipping business. This acquisition will allow BW LPG to scale its product services offering to provide even better service to customers while boosting fleet utilisation. The expanded Product Services division will continue to operate within disciplined capital requirements and defined risk thresholds.
Says Anders Onarheim, BW LPG CEO: “The acquisition brings a highly experienced team with a strong track record to BW LPG, and is in line with our strategy to support our core shipping business – we want to remain the world’s leading LPG shipping company, delivering cleaner-burning energy safely and sustainably to our customers. We look forward to bringing onboard new colleagues, and returning even greater value to shareholders.”
The acquisition is subject to approval from the Spanish regulatory authorities, and the transaction is expected to close by the end of Q4 2022.
