What is Indian Oil Corp (IOC) planning to acquire, and why?

Indian Oil Corp (IOC) is seeking to acquire a 50% stake in very large gas carriers (VLGCs) with capacity of 80,000 to 93,500 cubic metres and no more than 12 years old, as stated in its tender document, to support its plan to increase imports of liquefied petroleum gas (LPG) from the United States starting from 2027; this move marks IOC as the first Indian refiner aiming for ownership of VLGCs, shifting from its current reliance on time-chartered LPG and crude tankers.

What are the key terms and timeline specified in IOC's VLGC tender?

According to the tender document, IOC is inviting bids for up to two VLGCs, with bidders allowed to offer no more than two vessels; IndianOil LNG, an IOC joint venture, retains the right to acquire one or more vessels; the vessels must be reflagged to India post-acquisition; a pre-bid meeting is scheduled for August 5, and commercial and technical bids are due by September 7.

India's Top Refiner Scouts Stakes in Gas Carriers as It Plans Higher US Imports

Jul 29, 2026

Indian Oil Corp is seeking a 50% stake in Very Large Gas Carriers to facilitate increased liquefied petroleum gas imports from the United States starting in 2027. This strategic move aims to mitigate high freight costs associated with longer voyages.

reuters

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