Shipping Corporation of India announced that as part of the Government of India's initiative through the Ministry of Ports, Shipping and Waterways (MoPSW) and the Ministry of Petroleum and Natural Gas (MoPNG), the Shipping Corporation of India (SCI) has signed a Memorandum of Understanding (MoU) with Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL), and Indian Oil Corporation  (IOCL).

The purpose of this collaboration is to build and operate fleet together that will support the vision of Atmanirbhar Bharat, strengthen India's shipping capacity, and improve country's energy security. Under this MoU, companies plans to jointly acquire, own, operate, and manage vessels. These vessels shall be used for international trade as well as coastal transport of petroleum, petroleum products, petrochemicals, and other hydrocarbon cargoes.