ONGC JV ink shipbuilding pacts with Samsung for 2 carriers

28 Jan 2026 , 02:07 PM

Oil and Natural Gas Corporation Ltd (ONGC)announced that the company through its joint venture with Japan’s Mitsui O.S.K. Lines Ltd (MOL), has entered into Ship Building Contracts (SBCs) with Samsung Heavy Industries, South Korea. The contract underlines the construction of two Very Large Ethane Carriers (VLECs). This is the first such fast-tracked collaboration among India, Japan, and South Korea.

At around 1.29 PM, ONGC was trading 7.15% higher at ₹265.67, against the previous close of ₹247.95 on NSE. The counter touched an intraday high and low of ₹269.50, and ₹249.20, respectively.

This initiative will bolster India’s energy ecosystem by securing specialised marine logistics for critical feedstock. This will also improve supply chain resilience, and promote long-term industrial self-reliance.

The Indian-flag VLECs will enable continuous operations across petrochemicals and downstream value chains dependent on stable ethane supplies.

ONGC and MOL have set up two joint venture companies—Bharat Ethane One IFSC Private Ltd and Bharat Ethane Two IFSC Private Ltd. These companies are based in Gift City, Gujarat. Each of these companies will own and operate one VLEC. Each of these vessels will have a cargo capacity of 100,000 cubic meters and will transport 600 KTPA of ethane for OPaL. This is a subsidiary of ONGC.

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