Indian Oil Corp changes track, to buy 10 crude carriers from Shipping Corp JV
New Delhi: Indian Oil Corporation (IOC) is likely to place an order to buy at least 10 medium-range oil tankers from a Shipping Corporation of India (SCI)-led joint venture, with the vessels to be built at an Indian shipyard, sources said.
The world’s third largest oil importing and consuming nation relies heavily on hired ships to ferry its energy supplies. Prodded by a government keen on having secured energy supply lines, IOC and other state-owned oil firms had initially planned to jointly establish a shipping company to build vessels in India.
