In a significant move to bolster India’s maritime and energy sectors, the Shipping Corporation of India (SCI) has signed a pivotal Memorandum of Understanding (MoU) with leading national oil marketing companies: Indian Oil Corporation, Bharat Petroleum Corporation (BPCL), and Hindustan Petroleum Corporation. This landmark agreement paves the way for a joint venture focused on establishing and managing a formidable new fleet.
These prominent entities are set to collectively acquire, own, operate, and maintain a diverse range of vessels. This strategic fleet will be crucial for facilitating both international trade and the vital coastal movement of various essential commodities, including crude oil, refined petroleum products, petrochemicals, and other hydrocarbon cargoes. The SCI officially announced this collaboration in a recent filing.
This initiative, spearheaded by the Government of India and actively supported by both the Ministry of Ports, Shipping and Waterways and the Ministry of Petroleum and Natural Gas, underscores a broader national objective. By jointly building and operating this fleet, the partnership aims to vigorously advance the vision of ‘Atmanirbhar Bharat’ (Self-Reliant India), significantly enhancing the nation’s indigenous shipping capacity and fortifying its overall energy security.