The two companies say the aim of the tie-up, to be called BW Pacific, is to target consolidation in the product tanker market.
Their first move has been to acquire ten modern MR product tankers from Vitol Energy subsidiary Elandra Pte Ltd. However few details about the deal were disclosed
Andreas Sohmen-Pao, chief executive of BW Group said: “BW is pleased to form a joint venture with one of Asia’s leading investment managers and to have PAG as a partner as we expand in the product tanker segment.”
PAG
