India's Petroleum and Natural Gas Minister Hardeep Singh Puri said that he held "a highly productive meeting" with the captains of South Korea's major shipping companies on Friday. "Discussed how energy and shipping are inseparable pillars of our rapidly growing economy under the leadership of Prime Minister Narendra Modi.
Our crude and gas imports worth over $150 billion are seaborne reflecting the scale of our energy and shipping vessel demand," the minister said in a post on X. The top honchos of Korean shipping companies that attended the meeting include Korea Ocean Business Corporation (KOBC) CEO An Byung Gil, SK Shipping CEO Kim Sung Ick, H-Line Shipping CEO Seo Myung Deuk, and Pan Ocean Vice President Sung Je Yong.
"We also discussed how the combination of Korea’s advanced shipbuilding technologies and India’s manufacturing base and lower production costs, will lead to a mutually beneficial partnership that can serve our rising domestic needs as well as global markets for ships," the minister said.
The oil & gas sector alone accounts for nearly 28 per cent of India’s total trade by volume, making it the single largest commodity group at our ports. Yet, only around 20 per cent of this cargo is carried on Indian-flagged or Indian-owned vessels, Puri pointed out.
With India’s demand for crude oil, LPG, LNG, and ethane rising rapidly, and ONGC alone projected to require nearly 100 offshore service and platform supply vessels by 2034, there is a strong impetus for us to build ships in India in partnership with global leaders, the minister said.
He had earlier pointed out that India, with its 23 world-class refineries and a total capacity of 258.2 MMTPA (million metric tonnes per annum), now stands among the top five refining nations in the world. "India’s oil refining story is a story of growth, innovation and self-sufficiency.
From meeting domestic demand to fuelling global markets - the journey has been remarkable," he remarked. He highlighted that in 2024-25, the country’s petroleum product exports reached 64.7 million tonnes - up from 55.5 million tonnes in 2014-15.
The country is on track to reach around 310 MMTPA by 2030, with long-term plans to scale further to 400–450 MMTPA to become a global refining and energy hub. India is currently the second-largest oil importer in the world, after China, as the country imports over 85 per cent of its crude requirement. The top oil suppliers to India include Russia, Iraq, Saudi Arabia, the United Arab Emirates, and the United States.