India plans to buy 112 locally built crude carriers through 2040

India plans to spend 850 billion rupees ($10 billion) to purchase 112 locally built crude carriers through 2040, as the world’s third-largest importer of oil seeks to have its own fleet to secure supplies. State-owned oil companies currently operate an ageing fleet that’s mostly on-charter from global companies; the Shipping and Petroleum ministries want to change this. The plan’s first phase involves purchasing 79 ships, of which 30 would be medium-range vessels. The purchase order for 10 tankers should come out as early as this month, reports said. Only ships built locally, even if there’s foreign collaboration, would be considered for purchase. India targets to raise the share of locally built oil tankers in its fleet to 7% by 2030 from 5% at present. The idea is to eventually increase the number to 69% by 2047, as per the reports.

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