- India is launching a long-term plan to acquire 112 locally-built crude oil tankers, reducing reliance on foreign-owned fleets.
- An investment of ₹85,000 crore (~$10 billion) is being made to modernize and expand the nation’s aging tanker fleet through 2040.
- The government aims to increase the share of Indian-built tankers from 5% to 69% by 2047, aligning with its vision of becoming a developed nation.
India is taking significant steps to bolster its energy security by reducing its dependency on foreign-operated crude carriers. Presently, the country’s state-owned oil companies operate an aging fleet, much of which is leased from international shipping providers. To address this, the petroleum and shipping ministries are driving a new initiative that emphasizes ownership, operational control, and the local construction of tankers, according to the Times of India.
Phased Procurement and Indigenous Construction Focus
The initiative will be implemented in phases, beginning with the acquisition of 79 vessels—30 of which will be medium-range crude carriers. The first procurement order, covering 10 tankers, is anticipated to be released later this month. Over the full course of the plan, India aims to acquire 112 crude oil tankers by 2040, backed by a substantial investment of ₹85,000 crore (approximately $10 billion), according to reports from Bloomberg.
Contracts Restricted to Locally-Built Vessels
A key stipulation in the procurement strategy is that contracts will only be awarded to tankers built domestically, even when involving partnerships with international firms. This aligns with the broader objective of strengthening India’s shipbuilding industry and reducing external dependencies.
Expanding Refining Capacity Alongside Shipping Infrastructure
In parallel with its fleet expansion, India is also scaling up its refining capacity to meet growing energy demands. The current capacity of 250 million tonnes annually is projected to rise to 450 million tonnes by 2030, supported by both domestic consumption and rising export demand for refined petroleum products.
Vision for 2047: From Import Dependence to Maritime Autonomy
Despite being the world’s third-largest oil importer, India currently has just 5% of its fleet composed of Indian-built tankers. The government aims to increase this figure to 7% by 2030 and achieve an ambitious 69% by 2047, coinciding with India’s target to become a fully developed nation. This maritime push is part of a larger strategic framework to ensure long-term energy security and industrial self-reliance.
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Source: Times Of India
