India plans massive $10 billion purchase of ‘over 100 Make in India' crude oil tankers
India is gearing up to ramp up its energy security, acquiring a fleet of crude carriers instead of relying on foreign-owned vessels. Currently, state-owned oil companies rely on an ageing fleet, with most vessels leased from international shipping firms.
Now, the petroleum and shipping ministries want to transform that with a focus on ownership, control and localisation of tanker construction.
The plan is expected to roll out in phases, starting with the purchase of 79 ships, of which, 30 will be medium-range carriers. The first order, for 10 tankers, is expected to be issued later this month.
The country is planning to buy 112 crude oil tankers,with a massive investment of Rs 85,000 crore (approximately $10 billion) in a long term plan spanning till 2040, as per sources cited by Bloomberg.
Notably, the contract will only consider ships that are built locally, even if they are in collaboration with a foreign firm.
Despite international efforts to transition away from fossil fuels, India is ramping up its refining capacity to meet rising energy needs. The country plans to increase capacity from the current 250 million tonnes to 450 million tonnes annually by 2030, driven by domestic and export demand for petroleum products.
India, world's third largest importer of oil, has only 5%
Indian-built tankers
on the nation's fleet. The government aims to lift this to 7% by 2030 and a significant 69% by 2047, the year India aims to become a fully developed nation.
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