Oil and Natural Gas Corporation Limited (ONGC), through its joint venture companies with M/s Mitsui OSK Lines Limited (MOL), Japan, has entered into Ship Building Contracts (SBCs) with M/s Samsung Heavy Industries, South Korea, for the construction of two state-of-the-art Very Large Ethane Carriers (VLECs) on 27 January 2026. The fast-tracked conclusion of these SBCs reflects strong trilateral cooperation and industrial partnership among India, Japan and South Korea. The contracts were signed in the presence of Hardeep Singh Puri, Minister of Petroleum & Natural Gas, Dr. Neeraj Mittal, IAS, Secretary (MoPNG), and Arun Kumar Singh, Chairman & CEO, ONGC by S K Dwivedi, Chief - BD&JV (ONGC), Hisashi Umemura, Sr. Managing Executive Officer (MOL) and Sung-an Choi, CEO (Samsung Heavy Industries). This initiative is a strategic step toward strengthening India’s energy ecosystem by securing specialized marine logistics for critical feedstock, improving supply-chain resilience, and enabling long-term industrial self-reliance. By creating dedicated, Indian-flag ethane shipping capacity, ONGC is reinforcing national resilience against external disruptions, supporting continuity of operations across petrochemicals and downstream value chains that rely on stable, predictable input supplies. ONGC and MOL Japan have set up two joint venture companies, Bharat Ethane One IFSC Pvt. Ltd. and Bharat Ethane Two IFSC Pvt. Ltd., in GIFT City, Gujarat, with each company owning and operating one VLEC. These vessels will support the transportation of about 600 KTPA of ethane for OPaL, a subsidiary of ONGC. The VLECs will be Indian-flag, with a cargo capacity of one lakh cubic meters each. ONGC has also signed long-term Time Charter Party agreements with the two JV companies for shipping ethane from the USA to India, creating a stable, dedicated corridor for energy feedstock movement. The vessels are scheduled for delivery in FY 2028–29. By venturing into specialized marine energy logistics, ONGC is expanding India’s capabilities in a niche, high-value segment of global shipping, helping build institutional know-how, operational preparedness, and strategic capacity that strengthens the broader energy ecosystem. This initiative aligns with the Prime Minister’s Maritime Amrit Kaal Vision-2047, reinforcing India’s push toward an Atmanirbhar energy ecosystem founded on national self-reliance and long-term economic resilience. The initiative has been undertaken with the guidance and support of the Ministry of Petroleum and Natural Gas and the Department of Investment and Public Asset Management (DIPAM), Ministry of Finance.