Charting New Waters: India’s Oil Ministry Eyes Strategic Korean Partnership for Maritime Dominance

In a significant development signaling India’s intent to enhance indigenous shipbuilding capabilities, India’s Oil Minister Hardeep Singh Puri revealed that Indian Public Sector Undertakings (PSUs) are keen to forge partnerships with leading Korean companies for the manufacturing of Liquefied Natural Gas (LNG) and crude oil carrier ships. This was highlighted during engagements with HD Hyundai, a premier Korean shipbuilding conglomerate.

The collaboration aims to leverage India’s expanding maritime infrastructure and the advanced technological expertise of Korean shipbuilders, contributing to the nation’s goal of reducing dependency on foreign vessels for transporting energy commodities. Currently, Indian oil marketing companies spend billions annually chartering foreign-flagged tankers for crude and petroleum product imports.

Further cementing this vision, Cochin Shipyard Limited (CSL) recently signed a Memorandum of Understanding (MoU) with HD Korea Shipbuilding & Offshore Engineering (HD KSOE) for strategic cooperation in shipbuilding, including constructing state-of-the-art LNG and crude oil carriers at CSL’s facilities.

The initiative is part of the Maritime India Vision 2030 and Maritime Amrit Kaal Vision 2047, positioning India as an emerging global hub for shipbuilding backed by significant public and private investments.

Key Highlights:

Indian PSUs poised to partner with Korean firms like HD Hyundai in ship manufacturing.

Focus on LNG and crude oil carrier ships to strengthen strategic maritime assets.

MoU signed between Cochin Shipyard and HD Korea Shipbuilding.

Aim to address India’s reliance on foreign vessels for energy imports, reducing costs.

Aligns with Maritime India Vision 2030 and Maritime Amrit Kaal Vision 2047.

Expected investments total USD 24 billion with significant employment generation.

Enhances India’s capability as a global shipbuilding hub with high-tech infrastructure.

Sources: Ministry of Petroleum and Natural Gas, HD Hyundai, Press Information Bureau, ANI