India, ROK commit to setting up shipyards in India under energy cooperation

It outlines specific efforts to maintain stable supplies of petroleum products and deepen cooperation in the shipbuilding sector.

Who it concerns: India and the Republic of Korea (ROK); sectors include energy resources (naphtha, petroleum feedstocks, petroleum products, lubricant base oils, LNG), maritime infrastructure, and shipbuilding.

What was agreed

• Advance energy resource trade and investment cooperation through the India-ROK Comprehensive Economic Partnership Agreement (CEPA).
• Maintain open trade in naphtha and other petroleum products.
• Explore closer collaboration among major LNG-consuming countries to enhance market stability and transparency.
• Strengthen cooperation in the shipbuilding sector, including setting up shipyards in India, shipyard modernization, human resource development, and technology partnerships.

Also in the document

• Specific commitment to set up shipyards in India as part of shipbuilding cooperation.
• Recognition of the need for closer collaboration among major LNG consumers to reflect buyers' perspectives.
• Acknowledgment that India is a key supplier of naphtha to ROK and ROK is a leading supplier of petroleum products to India.