State-owned Oil and Natural Gas Corporation (ONGC) has announced plans to acquire a 50 per cent stake each in two joint venture companies that will own and operate ethane carriers, in partnership with Japanese shipping major Mitsui OSK Lines.

Under the agreements, ONGC will subscribe to 200,000 equity shares of Rs 100 each in Bharat Ethane One IFSC Private Limited and Bharat Ethane Two IFSC Private Limited. Both entities are registered in GIFT City, Gandhinagar.

The Maharatna company said each joint venture will operate one very large ethane carrier under the Indian flag. The vessels will be used to transport ethane from the United States to supply ONGC Petro Additions Limited, ONGC’s petrochemicals subsidiary.

ONGC said that combining MOL’s global maritime expertise with ONGC’s regional presence and operational capabilities is expected to create value across the energy transportation and logistics value chain.

The company added that the move forms part of its broader business diversification strategy. By entering ethane shipping, ONGC aims to capitalise on emerging opportunities in energy logistics, strengthen integration across its value chain and build a strong operational presence in specialised shipping segments.