In a strategic move to bolster energy security, the Indian Oil Corporation (IOC) is set to order at least 10 oil tankers from a joint venture steered by the Shipping Corporation of India (SCI). These vessels will be constructed in an Indian shipyard, sources confirmed.
India’s reliance on foreign vessels for oil importation has been significant, leading the government to push for domestically built ships. This initiative not only addresses energy security but also aims to generate employment, despite the challenges posed by the cost-effectiveness of Chinese vessels.
IOC’s decision aligns with the government’s broader agenda to revamp the shipbuilding sector, with potential announcements including a Ship Building Financial Assistance scheme and a Maritime Development Fund, expected during Prime Minister Narendra Modi’s launch of global shipbuilding efforts from Bhavnagar, Gujarat.