ONGC has entered into Joint Venture Agreements and Capital Contribution Agreements with Mitsui O.S.K. Lines Ltd. (MOL), Japan, marking a major step in its business diversification strategy. The agreements were signed on 5 January 2026 for equity participation in two newly incorporated joint venture entities—Bharat Ethane One and Bharat Ethane Two—registered at GIFT City, Gandhinagar.
ONGC’s strategic entry into the specialised domain of ethane transportation and energy logistics, with a focus on deploying Very Large Ethane Carriers (VLECs). The initiative is aimed at strengthening ONGC’s presence across the energy value chain while tapping into emerging opportunities in global shipping and logistics linked to the petrochemical sector.
According to officials, the joint ventures will enable ONGC to build a robust operational footprint in niche shipping segments, enhance supply chain integration and support long-term, future-ready growth. The collaboration with MOL, a global leader in maritime transport, brings international expertise and operational efficiencies to the venture.
Development aligns with ONGC’s broader vision of evolving beyond traditional exploration and production activities into diversified energy and allied infrastructure businesses. By integrating logistics capabilities with upstream and downstream operations, ONGC aims to enhance resilience, competitiveness and value creation in a rapidly changing energy landscape.
The joint venture initiative also reinforces India’s growing engagement with global partners in advanced energy transportation solutions, supporting secure and efficient movement of critical feedstocks for domestic industries.
