Oil and Natural Gas Corporation Limited (ONGC) has entered into Joint Venture Agreements and Capital Contribution Agreements with Mitsui OSK Lines Ltd. (MOL), Japan, on 5 January 2026. The agreements relate to equity participation in two joint venture companies—Bharat Ethane One IFSC Private Limited and Bharat Ethane Two IFSC Private Limited—both incorporated in GIFT City, Gandhinagar.
ONGC will subscribe to 2,00,000 equity shares of ₹100 each in both joint venture entities, resulting in a 50 percent equity stake in each company. The remaining 50 percent stake will be held by Mitsui OSK Lines Ltd. Each joint venture will own and operate one Very Large Ethane Carrier (VLEC), which will sail under the Indian flag.
The VLECs will be deployed to transport ethane from the United States to meet the feedstock requirements of ONGC Petro additions Limited (OPaL), a subsidiary of ONGC. The partnership combines MOL’s global maritime expertise with ONGC’s operational capabilities and domestic presence, strengthening cooperation across the energy transportation value chain.
This initiative marks ONGC’s entry into specialised shipping and energy logistics as part of its broader diversification strategy. It aligns with the Government of India’s Maritime Amrit Kaal Vision 2047, which focuses on maritime self-reliance, infrastructure development, and long-term economic growth. The project has been undertaken with support from the Ministry of Petroleum and Natural Gas and the Department of Investment and Public Asset Management (DIPAM), Ministry of Finance.
Oil and Natural Gas Corporation (ONGC) is India’s largest exploration and production company and a cornerstone of the country’s energy sector. Established in 1956, ONGC is a Government of India enterprise under the Ministry of Petroleum and Natural Gas. It plays a critical role in ensuring India’s energy security by exploring, developing, and producing crude oil and natural gas across onshore and offshore basins.
ONGC accounts for a significant share of India’s domestic oil and gas production, contributing around two-thirds of the country’s crude oil and nearly 60% of its natural gas output. The company operates in diverse and challenging environments, including deepwater offshore fields, mature onshore basins, and frontier exploration areas.
Through its subsidiary, ONGC Videsh Limited (OVL), the company also has a strong international presence, with investments in oil and gas assets across Asia, Africa, Latin America, and Russia. In recent years, ONGC has expanded beyond traditional hydrocarbons to support India’s energy transition. The company is investing in renewable energy, carbon capture, green hydrogen, and improved energy efficiency, while continuing to optimise production from existing assets. Committed to sustainability, innovation, and technological advancement, ONGC remains central to India’s goal of balancing energy demand with long-term environmental responsibility.
