The contracts were signed on 27 January 2026 through ONGC's joint venture companies with Japan's Mitsui O.S.K. Lines (MOL). The shipbuilding agreement was executed with Samsung Heavy Industries of South Korea.
The two vessels will be owned and operated by Bharat Ethane One IFSC and Bharat Ethane Two IFSC Both entities are incorporated at GIFT City, Gujarat. Each joint venture will own one vessel.
The Very Large Ethane Carriers will have a cargo capacity of about one lakh cubic metres each. They will transport ethane from the US to India under long-term time charter agreements signed with ONGC.
The vessels are expected to support the transportation of nearly 600 thousand tonnes per annum of ethane for ONGC Petro additions Ltd (OPaL), a subsidiary of ONGC. Delivery is scheduled for FY 2028-29.
ONGC said the initiative will help secure specialised marine logistics for critical feedstock. It is also expected to improve supply-chain resilience and ensure continuity of operations for downstream petrochemical units.
The project has been undertaken with the support of the Ministry of Petroleum and Natural Gas and the Department of Investment and Public Asset Management.
Maharatna ONGC is the largest crude oil and natural gas company in India, contributing around 71% to Indian domestic production. It has in-house service capabilities in all areas of exploration and production of oil & gas and related oil-field services. The Government of India held a 58.89% stake in ONGC as of December 2025.
The company reported 5.4% rise in consolidated net profit to Rs 10,785 crore on 0.9% fall in gross revenue to Rs 1,57,911 crore in Q2 FY26 as compared with Q2 FY25.