From The Hindu BusinessLine
Center-Right Owned by The Hindu Group (Kasturi & Sons)IOC to buy crude, LPG ships as West Asia crisis exposes shipping risks
What's behind this
Amid West Asia tensions and disruptions around the Strait of Hormuz, state‑owned Indian Oil Corporation, India’s largest oil refiner, is planning to purchase its own crude oil and LPG carriers and explore domestic shipbuilding under the Make in India programme to cut soaring freight costs, which have risen fourfold, and secure its energy supply chain.
AI-generated overview from 3 outlets. It summarises their reporting and adds no reporting of its own.
What each side is saying
One outlet's own words from each side of the spectrum. Quoted, not summarised.
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left · 3 outlets
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…
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center · 1 outlet
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…
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right · 2 outlets
Indian Oil Corporation aims to enhance control over its energy supply chain by acquiring crude oil carriers and LPG vessels. The company is also exploring domestic shipbuilding initiatives under the Make in India program. Amid increasing freight rates and tensions in West Asia, IOC has adjusted its…
RSS excerpt
The company's board has already approved the purchase of a few vessels, and tenders were issued several months ago, Director of Finance Anuj Jain said during its second-quarter earnings call.
