Geoje [South Korea], November 16 : Hardeep Singh Puri, Minister of Petroleum and Natural Gas, visited the sprawling shipbuilding facility of Hanwha Ocean in Geoje, South Korea.
The Ministry of Petroleum & Natural Gas, in a release, stated that this visit marks a key highlight of the Minister's ongoing engagements in the Republic of Korea from November 13 to 15, 2025, aimed at deepening maritime cooperation and expanding opportunities in shipbuilding, fleet development, and energy transportation.
According to the ministry's release, these engagements are part of India's broader efforts under the Maritime Amrit Kaal Vision 2047, which aims to substantially scale up India's commercial fleet capacity, enhance domestic shipbuilding infrastructure, and improve global competitiveness across ship operations, maritime engineering, and allied sectors.
During the visit to Hanwha Ocean, the Minister was briefed on the company's shipbuilding capabilities, advanced vessel construction processes and innovation in maritime technologies.
He underscored that the strong performance of the Indian economy, among the fastest-growing globally, combined with the rapid expansion of India's energy sector, creates significant opportunities for collaboration.
Puri stated that India's energy PSUs spend approximately USD 5-8 billion annually on freight, and have an immediate requirement of nearly 59 vessels. This presents a huge opportunity for global leaders such as Hanwha Ocean to partner with India in building these vessels domestically.
The Minister noted that Korea has the technological expertise and experience in ship construction, while India offers strong demand, skilled manpower and supportive policies.
Emphasising India's Make in India initiative, the Minister said this cooperation model can help build vessels not only to meet India's growing needs but also to serve global markets.
He reiterated India's confidence that vessels built under such collaborative arrangements can recover costs within five years and position India as a major global maritime hub.
The Minister further highlighted the robust support measures introduced by the Government of India to accelerate domestic shipbuilding.
These include 15-25 per cent capital support for vessels constructed in India, an additional 5 per cent incentive for ship recycling activities, creation of a Marine Development Fund for equity financing, a 3 per cent interest subvention scheme, and infrastructure support for new greenfield shipyards and maritime clusters.
He noted that these initiatives create a favourable ecosystem for shipbuilders and investors, and align with India's long-term strategy to expand its commercial fleet and enhance maritime self-reliance.
The visit to Hanwha Ocean's facility followed the Minister's meeting yesterday in Seoul with Kim Hee-Cheul, President and CEO of Hanwha Ocean. Puri and Kim discussed opportunities for collaboration in vessel construction and maritime technologies, as well as potential investments that can contribute to India's shipbuilding ambitions.
The Minister noted that Hanwha Ocean's advanced capabilities, combined with India's policy support and growing demand, provide a strong foundation for mutually beneficial cooperation.
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