In a significant move to strengthen India’s maritime and energy infrastructure, the Shipping Corporation of India Ltd. (SCI) has signed a Memorandum of Understanding (MoU) with Bharat Petroleum Corporation Ltd. (BPCL), Hindustan Petroleum Corporation Ltd. (HPCL), and Indian Oil Corporation Ltd. (IOCL). This strategic partnership is part of the Government of India’s initiatives through the Ministry of Ports, Shipping and Waterways (MoPSW) and the Ministry of Petroleum and Natural Gas (MoPNG).
The collaboration aims to enhance India’s shipping capabilities, support the vision of Atmanirbhar Bharat, and improve the country’s energy security. Under this MoU, the companies plan to jointly acquire, own, operate, and manage a fleet of vessels. These vessels will be deployed for international trade as well as coastal transport of petroleum, petroleum products, petrochemicals, and other hydrocarbon cargoes.
This partnership marks a key step towards building a robust domestic shipping sector while reducing dependence on foreign shipping services. It also aligns with India’s broader strategy to secure its energy supply chain and enhance operational efficiency in maritime logistics.