SUBHEAD: Refining Growth Strengthens Demand

Minister Puri emphasised that India, with its 23 refineries and capacity of 258.2 MMTPA, now ranks among the world’s top five refining nations. He noted that India’s oil refining story reflects innovation, growth, and self-sufficiency, with the country supplying both domestic and international markets. Petroleum product exports reached 64.7 million tonnes in 2024–25, compared with 55.5 million tonnes in 2014–15. India is expected to reach 310 MMTPA refining capacity by 2030, with long-term plans to expand to 400–450 MMTPA.

India remains the world’s second-largest crude oil importer after China, meeting over 85 per cent of its requirements through imports. Its top suppliers include Russia, Iraq, Saudi Arabia, the United Arab Emirates, and the United States. The strengthening of maritime and shipbuilding collaboration with South Korea is seen as a critical strategic step towards meeting India’s growing energy logistics needs while enhancing its shipbuilding footprint on the global stage.

Strategic Alignment

Industry experts noted that India’s maritime expansion aligns closely with South Korea’s strengths in advanced vessel engineering, offshore systems, and green technologies. Potential cooperation areas include commercial vessels, LNG carriers, offshore support ships, and smart ship systems designed to meet emerging environmental standards.

Officials accompanying Minister Puri stressed that Vision 2047 is not just an economic roadmap but a broader national strategy focused on strengthening coastal infrastructure, improving logistics efficiency, and boosting India’s competitiveness in global shipping. India’s expanding port capacity and growing industrial output reinforce the case for stronger shipbuilding partnerships.

Shared Opportunities Ahead

Korean shipping executives expressed interest in collaborating on fleet modernisation, digital tools, and low-emission propulsion systems. Analysts in Seoul observed that India’s rising demand for LNG and crude transportation presents opportunities for long-term cooperation, particularly as global shipping adopts cleaner technologies.

Both sides expect the partnership to evolve through joint ventures, skill development, technology sharing, and coordinated investment. If implemented effectively, the collaboration could significantly raise India’s global shipbuilding share while offering Korean firms an expanded role in one of the world’s fastest-growing maritime markets. The momentum continues.