IOC to buy crude, LPG ships as West Asia crisis exposes shipping risks
The Economic Times · PTI ·
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 shipping strategy significantly. It has diversified crude procurement, sourcing significant amounts from various countries, including Russia and Venezuela.
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