IOC to buy crude, LPG ships as West Asia crisis exposes shipping risks
- Indian Oil Corporation plans to buy crude oil and liquefied petroleum gas carriers after disruptions near the Strait of Hormuz increased freight and insurance costs.
- IOC’s board approved several vessel purchases, and the company is considering building ships in India through the government’s Make in India initiative, according to Finance Director Anuj Jain.
- IOC reported a September-quarter net profit of Rs 21,630 crore.
17 Articles
17 Articles
West Asia crisis: IOC to buy crude and LPG ships
New Delhi: State-owned Indian Oil Corporation plans to acquire crude oil and liquefied petroleum gas carriers of its own as disruptions to shipping around the Strait of Hormuz and soaring freight costs prompt India’s largest oil refiner to strengthen control over its energy supply chain. The company’s board has already approved the purchase of a … Get the latest updates in Hyderabad City News, Technology, Entertainment, Sports, Politics and Top …
Indian Oil plans to buy its own oil, LPG ships as freight costs surge 4 times
To bolster its shipping logistics, Indian Oil Corporation is planning to acquire its own carriers and is looking into shipbuilding ventures within India as part of the Make in India initiative. The rise in geopolitical tensions has led to higher shipping costs, necessitating these strategic changes. IOC has also diversified its crude sourcing to minimize supply disruptions and leverage market opportunities, successfully reporting significant ear…
Indian Oil plans to buy ships as crude freight costs hit $10 a barrel amid Iran-US tensions
Indian Oil's board has approved plans to purchase crude oil and LPG vessels as Strait of Hormuz disruptions push spot freight rates higher. The refiner is also exploring domestic shipbuilding.
IOC Plans to Acquire Own Crude Oil and LPG Carriers Amid Rising Shipping Costs - India Seatrade News
Indian Oil Corporation (IOC), the country’s largest oil refiner, is planning to acquire its own crude oil and liquefied petroleum gas (LPG) carriers as geopolitical tensions around the Strait of Hormuz drive up freight costs and highlight the need for greater control over energy transportation. The company’s board has already approved the purchase of a […]
Indian Oil Corporation is looking to increase its control over the energy supply chain by acquiring ships carrying crude oil and LPG. The company is also exploring the possibility of domestic shipbuilding.
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