India to invest ₹85,000 cr in crude tankers, eyes 69% localisation by 2047
New Delhi: India is taking decisive steps to strengthen its energy security by building a domestically controlled fleet of crude oil carriers, moving away from its current dependence on ageing, foreign-leased vessels, media reports said.
State-run oil companies presently rely on ships owned by international firms, but that’s set to change with a phased strategy focused on ownership, control, and indigenous construction of tankers.
In the first leg of the plan, the government aims to purchase 79 ships—including 30 medium-range carriers—with an initial order for 10 vessels expected later this month.
Overall, the country intends to acquire 112 crude tankers by 2040, involving an estimated investment of ₹85,000 crore (roughly $10 billion), according to Bloomberg.
Importantly, contracts will be awarded only to tankers built in India, including those developed in partnership with foreign firms, as the government looks to boost domestic shipbuilding.
Even as the global momentum shifts towards renewable energy, India is expanding its oil refining capacity to cater to rising domestic and export demand.
The country plans to raise refining capacity from the current 250 million tonnes to 450 million tonnes a year by 2030.
At present, Indian-built ships constitute just 5% of the nation’s crude fleet.
The government plans to raise this share to 7% by 2030 and a significant 69% by 2047—coinciding with India’s goal of becoming a fully developed economy.
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