IOC to buy crude, LPG ships as West Asia crisis exposes shipping risks
Indian Oil Corporation (IOC) plans to acquire its own fleet of crude oil and LPG tankers to mitigate risks associated with shipping disruptions in West Asia. This strategic shift aims to secure energy supply chains amid rising freight costs and geopolitical instability.
Why it matters
The move highlights how geopolitical tensions in the Middle East are forcing major energy importers to rethink logistics and reduce reliance on third-party shipping.
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 few vessels, and tenders were issued several months ago, Director of Finance Anuj Jain said during its second-quarter earnings call. IOC says crude Q2 price volatile as procurement swings between discounts and premiums IOC says crude Q2 price volatile as procurement swings between discounts and premiums Anuj Jain, Director (Finance) at Indian Oil also stated under-recoveries on LPG is projected at ₹309/cylinder in November and ₹370/cylinder in December.
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