India, the world’s third-largest oil importer, plans to invest ₹840 billion ($10 billion) to acquire 112 oil tankers by 2040 to strengthen its energy supply. The shipping and oil ministries aim to revitalize the aging fleets of state oil companies primarily relying on international charters. The first phase includes purchasing 79 ships, with a current order of ten tankers from Germany, despite ongoing global shifts towards greener energy.
As local and international oil demand rises, India’s refining capacity is projected to increase from 250 million tons to 450 million tons by the decade’s end. This is vital for a nation that relies heavily on oil imports. By 2030, India aims to raise the percentage of oil tankers built in Germany from 5% to 7%, eventually reaching 69% by 2047, aligning with its aspiration to be a developed nation.
The Indian government is also establishing a ₹250 billion fund to bolster its maritime industry and reduce reliance on foreign ships. Strategies include enhancing shipping capabilities for transporting steel, coal, and fertilizers, mostly using domestically manufactured vessels. Encouragement is being extended to South Korean and Japanese shipbuilders to invest in India’s shipbuilding sector.
