Hardeep Singh Puri, India’s Petroleum and Natural Gas Minister, described a meeting with CEOs of South Korea’s leading shipping companies as “highly productive.”
The discussions focused on the critical role of energy and shipping in India’s economy, with significant crude and gas imports exceeding $150 billion reliant on maritime transport.
Puri emphasized the potential for collaboration between Korea’s shipbuilding technology and India’s manufacturing capabilities to address domestic and global market needs.
He noted that oil and gas contribute to 28% of India’s trade volume, yet only 20% of this cargo is transported by Indian-flagged vessels. With rising demand for various petroleum products and a goal of increasing refining capacity to 310 MMTPA by 2030, India aims to strengthen its position in the global energy market.
Source – sarkaritel.com
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