Archive · 14 Nov 2025
India Pursues Korean Partnerships for Building Oil and LNG Carriers
India wants to build its own ships that carry oil and gas, like big tankers.
Right now, most of these important ships belong to other countries.
India's government is talking to big shipbuilding companies in Korea to get their help.
They want the Korean companies to share their knowledge and invest money to build these ships in India.
India plans to start a new company with its own shipping and oil businesses to buy about 59 new ships.
Some of these will be built over the next few years, and some might be older ships bought sooner.
This is part of India's plan to be more independent in bringing the energy it needs into the country.
India is seeking Korean investment and expertise to construct crude oil and LNG carriers.
The move aims to reduce India's reliance on foreign-flagged vessels for its substantial energy imports.
Union Minister Hardeep Singh Puri met with executives from HD Hyundai and Hanwa Ocean to discuss potential partnerships.
A joint venture between Shipping Corporation of India and state oil marketing companies is set to procure approximately 59 vessels.
India imports around $150 billion in crude and gas annually, with only about 20% of the cargo currently on Indian vessels.
- Who
- Union Petroleum and Natural Gas Minister Hardeep Singh Puri, officials from Indian ministries and PSU companies (like ONGC, Cochin Shipyard), and executives from Korean shipyards (HD Hyundai, Hanwa Ocean).
- What
- Discussions to secure Korean investment and expertise for building crude oil and LNG carriers to enhance India's self-reliance in energy transport.
- When
- Discussions occurred over the past two days, with Minister Puri's X post on Friday, and a joint venture expected next month for ship procurement.
- Where
- Discussions were held in South Korea (implied by meetings with Korean shipyards) and involve Indian government entities and companies.
- Why
- To reduce dependence on foreign-flagged vessels for energy imports, bolster the domestic shipping industry, and achieve energy security.
India's Aspiration
Current Reality
Fleet Expansion Goal
India's Aspiration
India aims to significantly increase the number of Indian-flagged or Indian-owned vessels to transport its energy imports.
Current Reality
Currently, only about 20% of India's approximately $150 billion annual crude and gas imports are carried on Indian vessels.
Shipbuilding Capabilities
India's Aspiration
India is seeking Korean expertise and investment to construct crude oil and LNG carriers to reduce foreign dependence.
Current Reality
India currently relies on foreign-flagged vessels for the majority of its energy cargo transport.
- Minister Involved
- Hardeep Singh Puri, Union Petroleum and Natural Gas Minister
- Korean Companies Met
- HD Hyundai Heavy Industries and Hanwa Ocean
- India's Annual Energy Imports Value
- $150 billion
- Percentage of Cargo on Indian Vessels
- ~20%
- Joint Venture Partners
- Shipping Corporation of India (SCI) and state oil marketing companies (Indian Oil, Bharat Petroleum Corporation Ltd, Hindustan Petroleum Corporation Ltd)
- Planned JV Ship Procurement
- ~59 vessels
- JV Equity Structure
- SCI (50%), Oil Companies (40%), Maritime Development Fund (10%)
- New Ship Construction Timeline
- 3-4 years
