ONGC JV Signs Shipbuilding Contracts for Two VLECs with Samsung Heavy Industries
ONGC's JV has signed shipbuilding contracts with Samsung Heavy Industries for two Very Large Ethane Carriers (VLECs). These Indian-flagged vessels will transport ethane for OPaL and are scheduled for delivery in FY 2028-29. This initiative aims to bolster India's energy supply chain resilience.
The construction of two VLECs represents a significant investment in specialized logistics, enhancing ONGC's capabilities and contributing to India's energy independence. While important, it does not immediately impact ONGC's core exploration and production revenue.
The announcement details a strategic initiative to enhance India's energy security and supply chain resilience through the acquisition of specialized VLECs, which is a positive development for the company and the nation.
Oil and Natural Gas Corporation Limited (ONGC), through its joint venture companies with M/s Mitsui O.S.K. Lines Limited (MOL), Japan, has signed Ship Building Contracts (SBCs) with M/s Samsung Heavy Industries, South Korea, for the construction of two Very Large Ethane Carriers (VLECs). The contracts were signed on 27 January 2026.
These VLECs will be Indian-flagged, each with a cargo capacity of one lakh cubic meters, and will support the transportation of approximately 600 KTPA of ethane for OPaL, a subsidiary of ONGC. ONGC has also entered into long-term Time Charter Party agreements with the JV companies for shipping ethane from the USA to India. The vessels are scheduled for delivery in FY 2028–29.
This initiative is a strategic step to strengthen India's energy ecosystem by securing specialized marine logistics, improving supply-chain resilience, and enabling long-term industrial self-reliance. It aligns with the Prime Minister’s Maritime Amrit Kaal Vision-2047 and aims to enhance India's capabilities in niche, high-value shipping segments.
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