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Fire broke out in Indian Oil's crude carrier in the Indian Ocean off Sri Lanka

A very large crude carrier (VLCC) chartered by Indian Oil Corp (IOC), which was carrying the equivalent of about 2 million barrels of oil, is on fire off the east coast of Sri Lanka, an official at IOC said on Thursday (3).

The cause of the fire is unclear. Fellow Indian refiner Reliance Industries has diverted one of its nearby tankers to assist the mammoth vessel.


Following the accident, the Sri Lankan Navy sought fire fighting assistance from the Indian Coast Guard. ICG ships and aircraft have been deployed for immediate assistance, the Indian Coast Guard (ICG) said.

"ICG ships Shaurya, Sarang, Samudra Paheredar and Dornier aircraft have been diverted for fire fighting on oil tanker 'MT New Diamond' 37 nautical miles east off Sri Lanka coast," Coast Guard said in a tweet.

Sri Lankan Air Force has also dispatched maritime assets to assist disaster relief operations.

According to 'Marine Traffic', the vessel departed from Mina Al Ahmadi in Kuwait on August 23 and was slated to reach Paradip on September 5.

Captain Indika de Silva, Sri Lankan Navy's spokesperson told local publications that the fire began in the engine room of the vessel and the crew had been making attempts to bring it under control.

Reports said that the fire and damage are likely to cause massive environmental damage.

The crude oil tanker, built 20 years ago is currently sailing under the flag Panama. The vessel is 333-metre long and 60-metre wide, reports said.

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Lakshmi Mittal

Mittal's exit comes as Rachel Reeves prepares a fresh tax raising budget aimed at balancing the government's finances

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Lakshmi Mittal quits Britain for Switzerland and Dubai over inheritance tax concerns

Highlights

  • Lakshmi Mittal, worth over £15 bn, has moved his tax residence from UK to Switzerland with plans to spend most time in Dubai.
  • Inheritance tax concerns, not income tax, drove the decision of the "King of Steel" to leave after 30 years in Britain.
  • The departure marks another high-profile exit as chancellor Rachel Reeves prepares major tax rises in the coming Budget.
Lakshmi Mittal, one of Britain's wealthiest men, has ended his three-decade association with the UK, relocating his tax residence to Switzerland and planning to base himself in Dubai. The 74-year-old steel magnate, worth approximately £15.5 bn according to the Asian Rich List 2025, is the latest prominent entrepreneur to leave Britain amid Labour's tax reforms targeting the super-rich.

The Indian-born billionaire built his fortune through ArcelorMittal, the world's second-largest steelmaker, in which he and his family hold nearly 40 per cent ownership. Since arriving in London in 1995, Mittal became a prominent figure in British business, acquiring expensive properties including a £57 m mansion on Kensington Palace Gardens known as the "Taj Mittal."

An adviser familiar with Mittal's family plans told The Sunday Times that, inheritance tax was the decisive factor in the decision. "It wasn't the tax on income or capital gains that was the issue, the issue was inheritance tax."

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