India invests $10 billion in tankers to boost energy independence

India is set to bolster its energy security by acquiring a fleet of domestically built crude oil tankers, reducing reliance on foreign-owned vessels.

The Indian government is shifting towards owning and controlling its shipping assets. The initiative, led by the petroleum and shipping ministries, emphasizes local construction of ships, even if built in partnership with foreign companies. India’s plan involves a phased procurement of 112 tankers by 2040, starting with an initial order of 10 tankers expected this month. In the near term, 79 ships will be purchased, including 30 medium-range carriers.

The Times of India reports that overall investment is estimated at Rs 85,000 crore (around $10 billion). This move aligns with India’s broader energy strategy, which includes expanding refining capacity from 250 to 450 million tonnes annually by 2030 to meet growing domestic and export demands.

Currently, only 5% of India’s tanker fleet comprises Indian-built ships. The government aims to raise this to 7% by 2030 and a substantial 69% by 2047, aligning with its vision of becoming a fully developed nation by its 100th year of independence, The Times of India concludes. To remind, in June 2024, India had also announced plans to launch a new shipping company to expand its fleet by at least 1,000 ships over the next decade, aiming to capture more trade revenue as part of its goal to become a developed nation by 2047.

source : safety4sea