New Delhi: With nearly 20 per cent of global vessels expected to either come to or go from India in the next 15 years and freight spending of $5–8 billion annually, Petroleum and Natural Gas Minister Hardeep Singh Puri on Friday held a series of meetings in Korea to push cooperation on shipbuilding, fleet expansion and maritime infrastructure under the Maritime Amrit Kaal Vision 2047.
Puri visited the HD Hyundai Heavy Industries shipyard in Ulsan, the world’s largest shipyard, as part of engagements on November 13–14 aimed at advancing collaboration across ship operations, shipyards and maritime plant sectors. The visit builds on ongoing discussions with Korea’s major shipbuilding and shipping companies.
During the visit, the minister said India’s energy and shipping sectors, supported by the Make in India programme and a young workforce, create opportunities for Korean shipyards to “Make in India for the World.” He noted that India’s oil and gas PSUs alone can procure 59 crude, LNG and ethane vessels, adding that plans under the MoU with Cochin Shipyard for a block fabrication facility will be finalised soon.
The shipyard visit followed Puri’s meeting with HD Hyundai Chairman Chung Ki-sun at the company’s Global R&D Centre in Seongnam on Thursday. The delegation reviewed advanced ship design and smart shipyard systems and discussed how these capabilities may support India’s plan to increase its commercial fleet from 1,500 to 2,500 vessels. Korea’s HD Hyundai was informed that India will invest $24 billion under the Maritime Amrit Kaal Vision, including $8 billion recently announced for fleet expansion. The company reaffirmed its intent to partner India in implementing these plans.
Earlier in the day, the minister met leaders of Korea’s major shipping companies, including KOBC, SK Shipping, H-Line Shipping and Pan Ocean. He said the energy and shipping sectors are “inseparable pillars of India’s rapidly expanding economy” and noted that India’s crude and gas imports worth over $150 billion are entirely seaborne. The oil and gas sector accounts for nearly 28 per cent of India’s total trade by volume, but only around 20 per cent of this cargo is carried on Indian-flagged or Indian-owned vessels.
Pointing to rising demand for crude oil, LPG, LNG and ethane, and ONGC’s projected requirement of nearly 100 offshore service and platform supply vessels by 2034, he said combining Korea’s shipbuilding strengths with India’s manufacturing base and cost advantages offers scope for long-term cooperation.
Puri also met Hanwa Ocean President and CEO Kim Hee-Cheul in Seoul. He invited the company to explore opportunities in India’s shipbuilding sector under the Make in India initiative, reiterating the call to “Make in India for the World.” He said India’s focus on expanding energy and hydrocarbons infrastructure creates investment avenues in shipping and added that India aims to address the gap created by the oil and gas sector being the largest commodity group at Indian ports but carried largely on non-Indian vessels.
He said Indian PSUs are prepared to partner Korean companies for manufacturing LNG and crude carriers as part of long-term strategic asset creation.
