In a major boost to India’s energy logistics, Oil and Natural Gas Corporation Limited (ONGC), through its joint venture companies with Japan’s Mitsui O.S.K. Lines Limited (MOL), has signed Ship Building Contracts (SBCs) with South Korea’s Samsung Heavy Industries for two state-of-the-art Very Large Ethane Carriers (VLECs).

The contracts were finalized on 27 January 2026 in a ceremony attended by Hardeep Singh Puri, Minister of Petroleum & Natural Gas, Neeraj Mittal, Secretary (MoPNG), and Arun Kumar Singh, Chairman & CEO, ONGC. The agreements were signed by SK Dwivedi, Chief – BD&JV (ONGC), Hisashi Umemura, Sr Managing Executive Officer (MOL), and Sung-an Choi, CEO (Samsung Heavy Industries).

“The fast-tracked conclusion of these SBCs reflects strong trilateral cooperation and industrial partnership among India, Japan and South Korea,” the companies said in a joint statement.

The two VLECs, to be flagged under India, will each have a cargo capacity of 100,000 cubic meters, transporting around 600 KTPA of ethane for ONGC subsidiary OPaL. ONGC has also signed long-term Time Charter Party agreements with the JV companies—Bharat Ethane One IFSC Pvt. Ltd. and Bharat Ethane Two IFSC Pvt. Ltd.—to ensure a stable corridor for ethane shipments from the USA. Delivery is scheduled for FY 2028–29.

“This initiative is a strategic step toward strengthening India’s energy ecosystem by securing specialized marine logistics for critical feedstock, improving supply-chain resilience, and enabling long-term industrial self-reliance,” the statement added.

By creating dedicated Indian-flag shipping capacity, ONGC aims to reinforce national resilience against external disruptions while supporting continuity across petrochemicals and downstream industries. The project also aligns with the Prime Minister’s Maritime Amrit Kaal Vision-2047, advancing India’s drive for an Atmanirbhar energy ecosystem.

The initiative has been guided and supported by the Ministry of Petroleum & Natural Gas and the Department of Investment and Public Asset Management (DIPAM), Ministry of Finance.