Oil and Natural Gas Corporation (ONGC) and Mitsui O.S.K lines, Japan (MOL) have signed a Heads of Agreement on July 3, 2025 to enter into a partnership to build, own and operate two Very Large Ethane Carriers (VLECs). The VLECs shall be shipping imported ethane to ONGC Petro Additions (OPaL), a subsidiary of ONGC, for captive use as feedstock. This arrangement is subject to Board approval.
ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.
