Economy
IOC plans to acquire crude and LPG ships amid West Asia shipping risks
The Hindu3h
THE BRIEF
1
State-owned Indian Oil Corporation plans to acquire its own crude oil and LPG carriers to strengthen its supply chain amid shipping disruptions around the Strait of Hormuz.
2
IOC Director of Finance Anuj Jain stated that the company's board has approved purchasing vessels, with management also exploring domestic shipbuilding under Make in India.
3
IOC reported a net profit of ₹21,630 crore in the September quarter, recovering from a loss of ₹2,661 crore in the preceding quarter.