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ONGC signs Heads of Agreement with Mitsui O.S.K lines, Japan

03 Jul 2025 Evaluate

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.


Peers
Company Name CMP
ONGC 226.00
Oil India 446.10
Jindal Drilling&Inds 516.50
Deep Industries 674.10
Asian Energy Service 400.30
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