Shipping Corporation of India Ltd. (SCI) signed a memorandum of understanding with Bharat Petroleum Corporation Ltd. (BPCL), Hindustan Petroleum Corporation Ltd. (HPCL) and Indian Oil Corporation Ltd. (IOCL) as part of a Government of India initiative through the Ministry of Ports, Shipping and Waterways (MoPSW) and the Ministry of Petroleum and Natural Gas (MoPNG), reports Business Standard.
The filing states that the collaboration aims to build and operate a fleet together “to support the vision of Atmanirbhar Bharat, strengthen India’s shipping capacity, and improve country’s energy security.”
Under the MoU, the companies “plan to jointly acquire, own, operate, and manage vessels” for international trade and coastal transport of “petroleum, petroleum products, petrochemicals, and other hydrocarbon cargoes.”
