ONGC enters ethane shipping via JV with MOL, Japan
ONGC, in a joint venture with MOL, Japan, enters ethane shipping by forming two entities in Gift City. ONGC will hold 50% stakes, operating two VLECs for transporting ethane from the US to OPaL. This diversifies ONGC's business and aligns with national maritime vision.
This is a strategic diversification into a new segment of energy logistics, which is positive for long-term growth. However, the immediate financial impact is not quantified, and the operational details of VLEC deployment will determine the magnitude of the effect.
The announcement signifies ONGC's strategic diversification into ethane shipping, a new business vertical, through a joint venture with a global player. This expansion is expected to create value and strengthen integration across its value chain, aligning with national objectives.
Oil and Natural Gas Corporation Limited (ONGC) has entered the ethane shipping business through a joint venture with M/s Mitsui O.S.K. Lines Ltd. (MOL), Japan. The agreements were signed on January 5, 2026. ONGC will subscribe to 2,00,000 equity shares of ₹100 each in two new joint venture entities, Bharat Ethane One IFSC Private Limited and Bharat Ethane Two IFSC Private Limited, registered in Gift City, Gandhinagar. Upon completion of the equity subscription, ONGC will hold a 50% stake in each entity, with MOL holding the remaining 50%.
Each joint venture company will own and operate one Very Large Ethane Carrier (VLEC) under the Indian flag. These VLECs will transport ethane from the United States of America to meet the feedstock requirements of ONGC Petro additions Limited (OPaL), a subsidiary of ONGC. This collaboration leverages MOL's global maritime expertise and ONGC's regional presence, aiming to create value across the energy transportation chain and marks ONGC's strategic entry into business diversification and growth in energy logistics.
The initiative aligns with the Prime Minister's Maritime Amrit Kaal Vision 2047, focusing on national self-reliance and developing maritime infrastructure. The venture has received guidance and support from the Ministry of Petroleum and Natural Gas and the Department of Investment and Public Asset Management (DIPAM).
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Oil & Natural Gas Corporation Limited filed this with the NSE as a statutory disclosure, categorised under joint ventures. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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