(MENAFN- KNN India) New Delhi, Nov 15 (KNN) Petroleum and Natural Gas Minister Hardeep Singh Puri on Thursday visited the HD Hyundai Heavy Industries shipyard in Ulsan as part of a two-day series of high-level engagements in South Korea aimed at strengthening cooperation in shipbuilding and maritime infrastructure.

The visit underscores India's aim to expand the commercial fleet, boost domestic shipbuilding capacity, and strengthen global competitiveness in maritime operations and manufacturing under the Maritime Amrit Kaal Vision 2047.

Puri said India's rapidly expanding energy and shipping sectors-supported by the Make in India initiative and a young workforce-present significant opportunities for Korean shipbuilders to invest and manufacture in India.

With nearly 20 percent of global vessel traffic projected to be linked to India over the next 15 years, he noted substantial scope for deeper bilateral cooperation.

India currently spends USD 5–8 billion annually on freight, and its public sector undertakings are estimated to require up to 59 crude, LNG and ethane carriers.

Puri also reviewed progress under an MoU with Cochin Shipyard, stating that plans for a block fabrication facility would be finalised soon.

Puri's meeting with HD Hyundai Chairman Chung Ki-sun took place at the company's Global R&D Centre in Seongnam, where the delegation was briefed on HD Hyundai's advanced ship design and smart shipyard systems.

Discussions covered how these technologies could support India's plans to expand its fleet from 1,500 to 2,500 vessels and implement investments under the Maritime Amrit Kaal Vision, including the USD 8 billion announced recently for fleet augmentation.

HD Hyundai reaffirmed its commitment to working with India to advance its maritime goals.

Puri also met senior executives from Korea's major shipping companies, including Korea Ocean Business Corporation (KOBC), SK Shipping, H-Line Shipping and Pan Ocean.

India's crude oil and gas imports-valued at over USD 150 billion-are entirely seaborne, and the oil and gas sector accounts for nearly 28 percent of the nation's trade volume.

Despite this, only about 20 percent of the cargo is transported on Indian-flagged or Indian-owned vessels. With import demand for crude, LPG, LNG and ethane expected to rise and ONGC projected to need nearly 100 offshore and platform supply vessels by 2034.

Puri said Korea's advanced shipbuilding capabilities, combined with India's manufacturing strengths, provide a strong basis for long-term partnership.

Puri also met Kim Hee-Cheul, President and CEO, Hanwa Ocean, in Seoul. He invited the company to explore investment opportunities in India's expanding shipbuilding sector under the Make in India initiative and emphasised India's focus on developing energy and hydrocarbons infrastructure.

He stated that Indian PSUs are prepared to partner in building LNG and crude carriers to support long-term strategic asset creation.

(KNN Bureau)

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