Mitsui O.S.K. Lines, Ltd. (MOL) said it has established two joint ventures with India’s state-owned Oil and Natural Gas Corporation Limited (ONGC) and, together with ONGC, signed 15-year charter contracts for two newbuilding very large ethane carriers (VLECs) during India Energy Week 2026.
The joint ventures—Bharat Ethane One IFSC Private Limited and Bharat Ethane Two IFSC Private Limited—are based in the International Financial Services Center in Gujarat International Finance Tec-City, India. The equity ratio is MOL 50% and ONGC 50%, and the flag state is India. Each joint venture will operate one VLEC, for a total of two vessels.
MOL said the state-of-the-art VLECs will have a GTT Mark III membrane cargo containment system with a capacity of 100,000 m3 and dual-fuel main engines capable of using ethane as fuel. The vessels are scheduled for construction at Samsung Heavy Industries Co., Ltd. at its Geoje shipyard in South Korea, with delivery slated for late 2028 or later.
After delivery, MOL said the ships will transport liquefied ethane from the U.S. to India. The liquefied ethane to be carried is scheduled to be supplied as feedstock to a petrochemical plant operated in Dahej, Gujarat, by ONGC subsidiary ONGC Petro Additions Limited.
MOL said the agreement will expand its VLEC fleet to 16 vessels, which it described as the largest in the world. The company also cited its ethane transport track record since 2016 and its operational experience in the Indian special economic zone where the joint ventures are based.
