ONGC JVs sign shipbuilding pact with Korean co for very large ethane vessels
This story was originally published at 20:37 IST on 27 January 2026
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--ONGC JV, South Korean co sign pact to build very large ethane carriers
MUMBAI – Oil and Natural Gas Corp. Ltd. Tuesday said its two joint ventures with Japan-based Mitsui O.S.K. Lines Ltd. have signed shipbuilding contracts with South Korean company Samsung Heavy Industries Ltd. for the construction of very large ethane carriers. These pacts were signed on the sidelines of the India Energy Week which is being held in Goa. The state-run company has signed long-term time charter party agreements with the two joint ventures to ship ethane to India from the US.
The two joint ventures, Bharat Ethane One IFSC Pvt. Ltd. and Bharat Ethane Two IFSC Pvt. Ltd., will each own and operate one of the very large ethane carriers. Last week, the company had said it would acquire 50% stake in the two joint ventures for INR 40 million.
These Indian-flag vessels will support the transportation of 600 kilo tonnes per annum for ONGC's subsidiary ONGC Petro additions Ltd. The two vessels, which will each have a capacity of 100,000 cubic metres, are expected to be delivered in 2028-29 (Apr-Mar).
"By venturing into specialized marine energy logistics, ONGC is expanding India's capabilities in a niche, high-value segment of global shipping, helping build institutional know-how, operational preparedness, and strategic capacity that strengthens the broader energy ecosystem," ONGC said in an exchange filing.
ONGC had reported a net profit of INR 98.48 billion for the quarter ended September on a revenue of INR 330.31 billion. Tuesday, shares of ONGC closed a percent higher at INR 247.95 on the National Stock Exchange. End
Reported by Anand JC
Edited by Ashish Shirke
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