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According to Sinochem New Network, recently ONGC of India and MOL of Japan officially signed a joint venture agreement to jointly invest in the establishment of two new ethane transportation entities in India: Bharat Ethane One IFSC and Bharat Ethane Two IFSC. Under the agreement, ONGC will subscribe for 200,000 shares in each joint venture at 100 Indian rupees per share, holding a 50% stake, while MOL holds the remaining 50% stake. The two joint ventures will each own one very large ethane carrier (VLEC), which will operate under the Indian flag. These ships will be used specifically to transport ethane feedstock from the United States to India. The ethane being transported will be supplied to ONGC Petro additions Ltd., a subsidiary of ONGC, to serve as a key raw material for its mixed feed steam cracking unit in Bhopal, which produces 1.1 million tons of ethylene and 400,000 tons of propylene per year. By combining MOL’s global expertise in maritime shipping with ONGC’s regional operational advantages, this partnership aims to enhance synergies in energy transportation and across the entire value chain. The project has received guidance and support from India’s Ministry of Petroleum and Natural Gas as well as the Public Asset Management Department under the Ministry of Finance, and it reflects ONGC’s strategic expansion into the fields of energy logistics and special vessel transportation.