India’s Petroleum and Natural Gas Minister Hardeep Singh Puri held a high-level meeting with top executives of South Korea’s major shipping companies on Friday to discuss strategic partnerships in shipbuilding and energy logistics. The discussions focused on leveraging Korea’s advanced shipbuilding technology and India’s manufacturing capabilities to meet the growing domestic and global demand for vessels.
The meeting included CEOs and senior officials from Korea Ocean Business Corporation (KOBC), SK Shipping, H-Line Shipping, and Pan Ocean. Minister Puri described the session as “highly productive,” emphasizing the inseparable link between energy and shipping in India’s rapidly expanding economy under Prime Minister Narendra Modi’s leadership. He noted that over $150 billion worth of India’s crude and gas imports are seaborne, highlighting the scale of domestic demand for shipping vessels.
Puri underlined that India’s oil and gas sector constitutes nearly 28% of total trade by volume at the nation’s ports, making it the largest commodity group. Yet, only around 20% of this cargo is transported on Indian-flagged or Indian-owned vessels, pointing to a significant opportunity for domestic shipbuilding in collaboration with global partners.
The minister highlighted India’s current and future energy requirements, noting that ONGC alone is projected to need almost 100 offshore service and platform supply vessels by 2034. With India’s 23 world-class refineries and a total capacity of 258.2 MMTPA (million metric tonnes per annum), the country ranks among the top five refining nations globally.
“India’s oil refining story is one of growth, innovation, and self-sufficiency. From meeting domestic demand to fueling global markets, the journey has been remarkable,” Puri said. He also noted that petroleum product exports increased to 64.7 million tonnes in 2024-25, up from 55.5 million tonnes in 2014-15. Long-term plans aim to scale refining capacity to 400–450 MMTPA by 2030, strengthening India’s position as a global energy hub.
India is currently the world’s second-largest oil importer after China, importing more than 85% of its crude oil requirements. Major suppliers include Russia, Iraq, Saudi Arabia, the United Arab Emirates, and the United States. The partnership with South Korean shipbuilders is expected to not only meet domestic vessel demand but also enable India to compete in the international shipbuilding market.
The meeting underscores India’s proactive approach to integrating energy and shipping sectors, fostering domestic manufacturing, and enhancing strategic collaborations with global maritime leaders to secure its energy infrastructure for the coming decades.
