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Indian Oil will buy its own crude oil and LPG tankers

  
  
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  Public sector Indian Oil Corporation (IOC) plans to buy its own crude oil and liquefied petroleum gas (LPG) tankers. India's largest oil refinery company is taking steps to strengthen control over its energy supply chain due to disruptions in cargo ship traffic around the Strait of Hormuz and rising freight costs. Speaking to analysts after the second quarter financial results, IOC Director (Finance) Anuj Jain said that the company's board of directors had already approved the purchase of some aircraft and tenders were issued for it several months ago. Anuj Jain said, "What the country needs right now is for oil companies to focus more on the shipping sector." He said that under the 'Make in India' initiative of the IOC government, the possibilities of building ships in India are also being explored. With geopolitical tensions in West Asia affecting commercial traffic near the Strait of Hormuz, the importance of securing shipping capacity has increased. Jain said that IOC currently has three crude oil vessels and nine LPG vessels on charter for a fixed period. These arrangements have provided significant cost savings during the current crisis. He said that LPG freight rates, which are usually around US$ 40 per tonne, have now increased to US$ 160-180 per tonne in the spot market.
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