ONGC signs JV agreements with Mitsui OSK Lines

Oil and Natural Gas Corporation Ltd (ONGC) signed Joint Venture Agreements and Capital Contribution Agreements with M/s Mitsui OSK Lines Ltd. (MOL), Japan, on 5 January 2026, to subscribe equity shares in two joint venture entities, namely Bharat Ethane One IFSC Pvt. Ltd and Bharat Ethane Two IFSC Private Limited, registered in Gift City, Gandhinagar.

Each joint venture company shall own and operate one Very Large Ethane Carrier (VLEC). The VLECs shall operate under the Indian flag and shall be
deployed for the transportation of ethane from the United States of America to meet the feedstock requirements of ONGC Petro additions Limited
(OPaL), a subsidiary of ONGC.

This strategic collaboration constitutes a significant milestone in strengthening long-term cooperation between ONGC and MOL. By
leveraging MOL’s global maritime expertise alongside ONGC’s strong regional presence and operational capabilities, the partnership is expected
to create substantial value across the energy transportation and value chain.

The initiative also marks ONGC’s strategic entry into business diversification and growth. Through the deployment of VLECs for ethane
transportation, ONGC aims to capitalise on emerging opportunities in energy logistics, strengthen integration across its value chain, and establish
a robust operational presence in specialised shipping.

At 12.29 pm, Oil and Natural Gas Corporation was trading at Rs. 240.80, up by 1.18%, with a volume of 2.18 lakh shares on the BSE.