ONGC Forms JV with MOL for Ethane Shipping Operations

09 Jan 2026 CW Team

Oil and Natural Gas Corporation (Oil and Natural Gas Corporation) has recently entered the ethane shipping segment through joint venture agreements with M/s Mitsui O.S.K. Lines Ltd (Mitsui O.S.K. Lines), Japan. The agreements involve equity participation in two joint venture entities—Bharat Ethane One IFSC Private Limited and Bharat Ethane Two IFSC Private Limited—registered at GIFT City, Gandhinagar.

Under the arrangement, ONGC will subscribe to 2,00,000 equity shares of Rs 100 each in both entities, resulting in a 50 per cent equity holding in each joint venture, with the remaining stake held by Mitsui O.S.K. Lines. Each joint venture company will own and operate one Very Large Ethane Carrier (VLEC) sailing under the Indian flag.

The VLECs will be deployed to transport ethane from the United States of America to meet the feedstock requirements of ONGC Petro additions (ONGC Petro additions), a subsidiary of ONGC. The collaboration combines MOL’s global maritime expertise with ONGC’s operational scale and regional strengths.

The initiative represents a strategic step in ONGC’s business diversification, enabling deeper integration across its energy value chain and establishing a presence in specialised shipping. The venture aligns with the Maritime Amrit Kaal Vision 2047, supporting national self-reliance, maritime capability development and long-term economic resilience, with guidance from the Ministry of Petroleum and Natural Gas and the Department of Investment and Public Asset Management.

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