Buy ships to transport energy: Govt to oil cos
Live MintNEW DELHI : India’s public sector oil and gas companies are looking at purchasing ships to transport oil and gas following a Union government directive aimed to ensure energy security, two people aware of the development said. The move comes at a time of rising crude prices, a price cap on Russian oil, and a bar on the use of Russian ships for transporting oil and gas. Sanctions on transport through Russian ships by the West resulted in a lack of ships and the emergence of several new transporters to move oil from Russia, which has become the top supplier of oil to India over the past year. The second person said the cost of retail fuel depends on several factors, including the price of crude, the expenses incurred on freight and insurance and who the operator is, for which the Union government has asked energy companies, including the oil marketing companies to purchase their own ships.