India’s ONGC and MOL form joint venture for ethane shipping, orders VLECs

India’s Oil and Natural Gas Corporation (ONGC) signed joint venture and capital contribution agreements with Japan’s Mitsui OSK Lines (MOL) on January 5, 2026.

Under the agreement, the partnership establishes two entities in which ONGC will subscribe to 200,000 equity shares in each company at INR100 ($1.11) per share, resulting in a 50 per cent equity stake for both partners.