Oil & Natural Gas Corporation Limited has informed the Exchange regarding 'Signing of Heads of Agreement with Mitsui O.S.K lines Ltd, Japan (MOL)'.
ONGC · price
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Awaiting price reaction for this filing.
ONGC has signed a preliminary Heads of Agreement with Japan's Mitsui O.S.K Lines (MOL) on 3rd July 2025 to jointly build, own and operate two Very Large Ethane Carriers (VLECs). These vessels will be used to ship imported ethane to OPaL (ONGC Petro Additions Limited), ONGC's subsidiary, for use as feedstock in petrochemical production. The partnership is subject to board approval, and further details will follow after a formal partnership agreement is signed. This is a strategic move to secure the ethane supply chain for ONGC's downstream petrochemical business.
Positive for ONGC's long-term feedstock security at OPaL, but this is only a preliminary agreement and not yet a binding deal — shareholders should wait for the formal partnership agreement and board approval for clarity on financials and timelines.