Oil and Natural Gas Corporation Limited (ONGC) has signed joint venture (JV) and capital contribution agreements with Mitsui O.S.K. Lines Limited (MOL), Japan on January 5, 2026.
Under the agreement, 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, registered at Gujarat International Finance Tec-City (GIFT City) in Gandhinagar. Upon the completion, ONGC and MOL would each hold a 50 per cent equity stake in each of the JV entities.
Each JV would own and operate a very large ethane carrier (VLEC) for transporting ethane from the US to meet the feedstock requirements of ONGC Petro additions Limited (OPaL).