ONGC-Led JV Commissions $370 M Samsung Heavy Shipbuilding Deal for Two Indian Ethane Carriers

In a strategic development for India’s energy logistics, a consortium led by Oil and Natural Gas Corporation (

) alongside Japan’s Mitsui O.S.K. Lines (MOL) has signed shipbuilding contracts worth approximately $370 million with Samsung Heavy Industries of South Korea to build two Indian-flag Very Large Ethane Carriers (VLECs), each with a cargo capacity of 100,000 cubic meters, under separate joint venture entities based in GIFT City, Gujarat, with ONGC and MOL holding equal stakes. These vessels are designed to transport around 800 kilo tonnes per annum (KTPA) of ethane from the United States to support feedstock supply for ONGC Petro Additions Ltd (OPaL), and are expected to be delivered in FY 2028–29, marking a step up in securing dedicated maritime logistics for petrochemical inputs and enhancing resilience in India’s energy supply chain. Disclaimer: This post is for informational purposes only and not a recommendation to buy or sell any securities. I, or my family, associates, or relatives, may have a financial interest in the securities mentioned.