ONGC, Mitsui Launch Gift City JVs for US Ethane Transport

• ONGC and Japan's Mitsui OSK Lines Ltd (MOL) formed two 50:50 joint ventures in Gift City, Gandhinagar.
• The JVs, Bharat Ethane One IFSC Private Ltd and Bharat Ethane Two IFSC Private Ltd, will own and operate Very Large Ethane Carriers (VLECs).
• VLECs will transport ethane from the United States to supply feedstock for ONGC Petro Additions Limited (OPaL)'s Dahej facility.
• This initiative marks ONGC's strategic entry into energy logistics and specialized shipping, with imports starting mid-2028.
• The specialized ships, costing an estimated $370 million for the pair, will be built in Korean shipyards.

Why It Matters: ONGC and Mitsui partner in Gift City to secure ethane supply for OPaL via new VLEC JVs.