NEW DELHI. Oil and Natural Gas Corporation Limited (ONGC) signed Joint Venture Agreements and Capital Contribution Agreements with Mitsui O.S.K. Lines Ltd. (MOL), Japan, on 5 January 2026 in New Delhi, for subscribing equity shares 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 agreement, ONGC will subscribe to 2,00,000 equity shares of ₹100 each in both entities, resulting in a 50 per cent equity stake for ONGC in each joint venture, with the remaining 50 per cent held by MOL.
Each joint venture company will own and operate one Very Large Ethane Carrier (VLEC) under the Indian flag, to transport ethane from the United States of America for meeting the feedstock requirements of ONGC Petro additions Limited (OPaL), a subsidiary of ONGC. The strategic collaboration combines MOL’s global maritime expertise with ONGC’s operational strengths, marking ONGC’s entry into specialised shipping and business diversification. The initiative aligns with the Prime Minister’s Maritime Amrit Kaal Vision 2047 and has been undertaken with the support of the Ministry of Petroleum and Natural Gas and the Department of Investment and Public Asset Management, Ministry of Finance.
