ONGC Enters Ethane Shipping Through Joint Venture with MOL, Japan
Oil and Natural Gas Corporation Limited (ONGC) signed Joint Venture Agreements and Capital Contribution Agreements with M/s Mitsui O.S.K. Lines Ltd. (MOL), Japan, on 5 January 2026, to subscribe equity shares in two joint venture entities, Bharat Ethane One IFSC Private Limited and Bharat Ethane Two IFSC Private Limited, registered in Gift City, Gandhinagar. Each joint venture company shall own and operate one Very Large Ethane Carrier (VLEC) for the transportation of ethane from the United States of America to meet the feedstock requirements of ONGC Petro additions Limited (OPaL), a subsidiary of ONGC. This strategic collaboration is expected to create substantial value across the energy transportation and value chain and marks ONGC’s strategic entry into business diversification and growth.
Key Highlights
- ONGC and MOL sign Joint Venture Agreements and Capital Contribution Agreements for the formation of Bharat Ethane One IFSC Private Limited and Bharat Ethane Two IFSC Private Limited.
- Each joint venture company will own and operate one Very Large Ethane Carrier (VLEC).
- VLECs will transport ethane from the USA to meet the feedstock requirements of ONGC Petro additions Limited (OPaL).
- This collaboration is expected to create substantial value across the energy transportation and value chain.
- The venture marks ONGC’s strategic entry into business diversification and growth.