Hardeep Singh Puri Holds Key Shipbuilding Meetings to Boost India’s Maritime Vision

Hardeep Singh Puri, Minister of Petroleum and Natural Gas, visited the state-of-the-art HD Hyundai Heavy Industries shipyard in Ulsan as part of a series of high-level meetings held in Korea on 13–14 November 2025 to strengthen maritime and shipbuilding cooperation. The engagements align with India’s Maritime Amrit Kaal Vision 2047, which aims to expand the country’s commercial fleet, enhance domestic shipbuilding capacity, and boost global competitiveness across ship operations, shipyards and maritime plant sectors. The visit builds on ongoing discussions with Korea’s leading shipbuilding and shipping companies to advance mutually beneficial collaboration.

During the visit to the world’s largest shipyard, spanning 1,680 acres, the Minister termed the interactions “highly productive.” He emphasised that India’s rapidly growing energy and shipping sectors—driven by the Make in India initiative and supported by a youthful workforce—present a “golden opportunity” for Korean shipyards to “Make in India for the World.” With nearly 20% of global vessels expected to come to or go from India over the next 15 years, he highlighted the strategic scope for deeper cooperation.

India, a major energy importer, currently spends USD 5–8 billion annually on freight, and its public sector undertakings (PSUs) alone can procure up to 59 crude, LNG and ethane vessels. The Minister also reviewed progress under the existing MoU with Cochin Shipyard, noting that plans for a block fabrication facility will be finalised soon.

The visit followed a detailed meeting with HD Hyundai Chairman Mr. Chung Ki-sun at the company’s Global R&D Centre in Seongnam. The delegation was briefed on Hyundai’s advanced ship design and smart shipyard operation systems. Discussions covered how these engineering strengths can support India’s shipbuilding ambitions, including expanding its fleet from 1,500 to 2,500 vessels and utilising the USD 24 billion investment planned under the Maritime Amrit Kaal Vision, with USD 8 billion recently announced for fleet expansion. HD Hyundai reaffirmed its commitment to partnering India in realising its maritime goals.

Earlier, the Minister held discussions with the heads of Korea’s major shipping companies, including KOBC, SK Shipping, H-Line Shipping, and Pan Ocean. He stressed that energy and shipping form the backbone of India’s fast-growing economy under the leadership of Prime Minister Shri Narendra Modi. India’s crude and gas imports—worth over USD 150 billion—are entirely seaborne, and the oil and gas sector accounts for nearly 28% of India’s total trade by volume. Yet only about 20% of this cargo is carried on Indian-flagged or Indian-owned vessels. With rising demand for crude oil, LPG, LNG, ethane, and ONGC’s projected need for nearly 100 offshore and platform supply vessels by 2034, he highlighted that combining Korea’s advanced shipbuilding technologies with India’s manufacturing strength offers a strong foundation for sustained cooperation.

The Minister also met Mr. Kim Hee-Cheul, President and CEO of Hanwa Ocean, in Seoul, inviting the company to explore opportunities in India’s rapidly expanding shipbuilding sector under the Make in India initiative. He noted that India’s focus on strengthening its hydrocarbons infrastructure and energy logistics offers significant investment avenues in the shipping sector. Highlighting that oil and gas remain the largest commodity group at Indian ports but carried largely on non-Indian vessels, he reiterated India’s resolve to convert this challenge into an opportunity. He added that Indian PSUs are ready to partner with Korean companies for manufacturing LNG and crude oil carriers, contributing to strategic asset creation and long-term maritime capacity building.