Oil & Natural Gas Corporation Limited has informed the Exchange regarding a press release dated January 05, 2026, titled "ONGC Enters Ethane Shipping through Joint Venture with MOL, Japan".
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ONGC has signed joint venture and capital contribution agreements with Japan's Mitsui O.S.K. Lines (MOL) on 5 January 2026 to enter the ethane shipping business. Two new JV companies — Bharat Ethane One IFSC Private Limited and Bharat Ethane Two IFSC Private Limited — have been set up in GIFT City, Gandhinagar, with ONGC subscribing 2,00,000 equity shares of ₹100 each in both. ONGC and MOL will each hold a 50% stake in the two JVs. Each JV will own and operate one Very Large Ethane Carrier (VLEC) under the Indian flag, transporting ethane from the US to ONGC's subsidiary OPaL (ONGC Petro additions Limited). The move marks ONGC's strategic diversification into specialised energy logistics and shipping, aligned with the government's Maritime Amrit Kaal Vision 2047.
This is a strategic diversification step that strengthens ONGC's value-chain integration by securing ethane feedstock supply for OPaL while opening a new revenue stream in specialised shipping. The partnership with a globally reputed Japanese shipping major is positive for long-term positioning, though the immediate financial impact is likely modest given the small equity outlay (~₹4 crore across both JVs).