50% stake: ONGC forms joint venture with Japan’s Mitsui; enters specialised ethane shipping
ONGC will take a 50 per cent stake in two joint ventures with Japan’s Mitsui OSK Lines (MOL) to enter specialised ethane shipping.
The joint ventures will each own a very large ethane carrier (VLEC), with ONGC and MOL holding equal equity. The vessels, with a combined cost of about $370 million, will transport ethane from the US to ONGC’s petrochemical arm, ONGC Petro Additions Ltd (OPaL), starting mid-2028, as reported by PTI.
