ONGC Forms Ethane Shipping Joint Venture with MOL Japan
Filing Summary
Oil and Natural Gas Corporation Ltd (ONGC) has entered into a joint venture with Mitsui O.S.K. Lines Ltd. (MOL) of Japan. The agreement, signed on January 5, 2026, involves ONGC subscribing to equity shares in two joint venture entities, Bharat Ethane One IFSC Private Limited and Bharat Ethane Two IFSC Private Limited. Each entity will own and operate a Very Large Ethane Carrier (VLEC) under the Indian flag. The VLECs will transport ethane from the USA to ONGC Petro additions Limited (OPaL), a subsidiary of ONGC.
Oil and Natural Gas Corporation Ltd (ONGC) has signed Joint Venture Agreements and Capital Contribution Agreements with Mitsui O.S.K. Lines Ltd. (MOL), Japan. The agreements, dated January 5, 2026, involve ONGC subscribing to equity shares in two joint venture entities, Bharat Ethane One IFSC Private Limited and Bharat Ethane Two IFSC Private Limited, both registered in Gift City, Gandhinagar.
ONGC will subscribe to 2,00,000 equity shares, priced at ₹100 per share, in each joint venture company. Upon completion, ONGC will hold a 50% equity stake in each entity, with the remaining 50% held by MOL. Each joint venture will own and operate a Very Large Ethane Carrier (VLEC) under the Indian flag, tasked with transporting ethane from the United States to meet the feedstock requirements of ONGC Petro additions Limited (OPaL), a subsidiary of ONGC.
Mitsui O.S.K. Lines Ltd. is a global maritime transportation company with expertise in shipping and logistics. The collaboration with ONGC aligns with MOL’s strategic focus on expanding its presence in energy transportation and leveraging its maritime capabilities.
Oil and Natural Gas Corporation Ltd is a leading energy company focused on exploration and production of oil and gas. The joint venture marks ONGC’s strategic entry into ethane shipping, aligning with its business diversification and growth objectives in energy logistics.