Mitsui O.S.K. Lines, (MOL), led by President & CEO Takeshi Hashimoto, announced the creation of two joint ventures with India’s state-owned Oil and Natural Gas Corporation (ONGC). As part of this collaboration, MOL and ONGC have signed a 15-year charter agreement for two new Very Large Ethane Carriers (VLECs) during India Energy Week 2026.
The 100,000-cubic-meter VLECs will feature dual-fuel engines capable of using ethane as fuel. They are set to be built at Samsung Heavy Industries’ Geoje Shipyard in South Korea, with delivery expected in late 2028 or later. Once operational, the vessels will transport liquefied ethane from the United States to India.
With these additions, MOL’s VLEC fleet will grow to 16 vessels, maintaining its position as the largest such fleet in the world.
Since launching ethane transport business in 2016 as the world’s first VLEC operator, MOL has steadily built a strong track record in liquefied ethane transport and established itself as a leader in VLEC management and operations. Its experience with liquefied gas carriers, including VLECs, along with its operational expertise within the Indian Special Economic Zone, where these joint ventures are based, was recognized and led to the signing of this long-term charter agreement.
MOL has positioned regional strategy as one of the key pillars of its group management plan “BLUE ACTION 2035,” identifying Asia as a region expected to deliver strong economic growth. In India in particular, where economic development has been remarkable, MOL has long been actively expanding its business presence. Through the expansion of its energy business, including this project, and the further strengthening of its partnership with ONGC, MOL group will continue to play a part in the transport and logistics infrastructure that supports rapidly growing—and expected to further expand—demand for energy, including natural gas, and contribute to stable supply.
MOL Group is advancing a transformation of its business portfolio by increasing the share of stable earnings businesses to secure profitability even during shipping downturns. Expanding our LNG and VLEC fleets—the world’s largest—as well as our long-term time charter contracts is part of this initiative.
Building on its accumulated experience and expertise, the group aims to take a significant step forward as a global social infrastructure company. From the blue ocean, it will sustain people’s lives, ensure a prosperous future, and deliver new value to all stakeholders.
(Note 1) MOL and ONGC have established the following two joint ventures within the International Financial Services Center in Gujarat International Finance Tec-City, an Indian Special Economic Zone.
<Overview of the Joint Ventures>
| Company Name | Bharat Ethane One IFSC Private Limited Bharat Ethane Two IFSC Private Limited |
| Location | Gujarat International Finance Tec-City, India |
| Equity Ratio | MOL: 50%, ONGC: 50% |
| Flag State | India |
| Fleet Composition | Each company will operate 1 VLEC (Total fleet: two vessels) |
(Note 2) The liquefied ethane to be transported is scheduled to be supplied as feedstock to the petrochemical plant operated by ONGC subsidiary ONGC Petro Additions Limited in Dahej, Gujarat, India.
[Vessel Specifications]
| Main Dimensions | Overall Length: 230m / Beam: 36.6m / Draft at Full Load: 11.9m |
| Cargo Tank Type/Capacity | GTT Mark III Membrane/100,000m³ |
[Overview of ONGC]
| Company Name | Oil and Natural Corporation Limited |
| Representative | Chairman and CEO Arun Kumar Singh |
| Company Profile | Established in 1956, ONGC is one of India’s largest state-owned oil and natural gas companies. As a Maharatna-designated enterprise—the highest level of operational autonomy granted by the Indian government—it is a critically important state-owned enterprise and a core pillar of the nation’s energy security. The company contributes around 71% to Indian domestic production. Through its subsidiaries, it conducts vertically integrated operations across the entire value chain, from upstream (exploration and development) to downstream (refining and marketing), including petroleum refining, petrochemicals, and energy exploration and production activities in more than 15 countries worldwide. It also plays a key role in advancing India’s petrochemical industry, including through its ownership of ONGC Petro additions Limited, which will supply feedstock for the VLEC project. |
