India plans to spend ₹85,000 crore ($10 billion) to purchase 112 crude carriers through 2040, people familiar with the matter said, as the world's third-biggest importer of oil seeks to have its own fleet to secure supplies.
State-owned oil companies currently operate an aging fleet that's mostly on-charter from global companies and the shipping and petroleum ministries want to change that, said the people, who asked not to be identified citing rules. The plan's first phase involves purchasing 79 ships, of which 30 of them would be medium-range vessels, they said.
The purchase order for 10 tankers should come out as early as this month, the people said. Only ships built locally-even if there's foreign collaboration-will be considered for purchase, they said.
Despite the global push for transition to cleaner sources of energy, India's crude oil refining capacity is set to expand-to 450 million tons by the end of the decade from about 250 million tons now-on the back of growing domestic and overseas demand for oil products.
India targets to raise the share of locally built oil tankers in its fleet to 7% by 2030 from 5% at present, the people said. The idea is to eventually increase it to 69% by 2047-the deadline the country has set for becoming a developed nation.
State-owned oil companies currently operate an aging fleet that's mostly on-charter from global companies and the shipping and petroleum ministries want to change that, said the people, who asked not to be identified citing rules. The plan's first phase involves purchasing 79 ships, of which 30 of them would be medium-range vessels, they said.
The purchase order for 10 tankers should come out as early as this month, the people said. Only ships built locally-even if there's foreign collaboration-will be considered for purchase, they said.
Despite the global push for transition to cleaner sources of energy, India's crude oil refining capacity is set to expand-to 450 million tons by the end of the decade from about 250 million tons now-on the back of growing domestic and overseas demand for oil products.
India targets to raise the share of locally built oil tankers in its fleet to 7% by 2030 from 5% at present, the people said. The idea is to eventually increase it to 69% by 2047-the deadline the country has set for becoming a developed nation.
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