Japanese trading house Itochu has agreed with India's Aegis Logistics to buy a 40pc stake in its Singapore-based LPG arm Aegis Group International (AGI) for $5.85mn.
AGI handles more than 700,000 t/yr of LPG shipped to India. The deal will give it a chance to assess the state of the Indian LPG market where demand is expected to hit more than 24mn t/yr in 2020 from a current 16mn t/yr, Itochu said.
Itochu currently handles around 5mn t/yr of LPG, which is mainly delivered to Asia-Pacific consumers such as Japan, South Korea, the Philippines, Indonesia, Thailand and Malaysia.
mh/rjd
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