India’s Oil and Natural Gas Corp ONGC plans to enter the ethane carrier business by partnering with firms to build VLECs for its western India petrochemical plant. The company aims to source 800,000 tons of ethane annually starting in 2028.
India’s Oil and Natural Gas Corp (ONGC) is exploring joint venture opportunities to enter the very large ethane carriers (VLECs) sector, with the goal of transporting feedstock to its petrochemical plant located in western India, as per news reports.
According to a document posted on the company’s website, ONGC Petro additions Ltd (OPaL), a subsidiary of ONGC, currently operates a dual feed cracker and plans to secure 800,000 tons per year (tpy) of ethane to ensure a steady feedstock supply for the plant starting in May 2028.
ONGC is actively seeking a partnership with companies that have expertise in operating and managing VLECs, very large gas carriers (VLGCs), and liquefied natural gas carriers (LNGCs) in the global market.
The joint venture will work on securing both local and international funding and select shipyards for the construction of these VLECs. ONGC will handle the shipping of the ethane and the chartering of the VLECs once the proposed joint venture is established.
The last date for submitting interest in the partnership opportunity is March 27.
Oil & Natural Gas Corporation Limited (ONGC) saw its share price reach ₹238.95, reflecting a modest gain of ₹0.65 or 0.27% at 9:30 AM on the NSE from the previous close of ₹238.30. The stock opened at ₹236.80 and hit a high of ₹239.15 during the session, with the low recorded at ₹236.50.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.
Published on: Feb 20, 2025, 9:33 AM IST
Neha Dubey
Neha Dubey is a Content Analyst with 3 years of experience in financial journalism, having written for a leading newswire agency and multiple newspapers. At Angel One, she creates daily content on finance and the economy. Neha holds a degree in Economics and a Master’s in Journalism.
Know MoreWe're Live on WhatsApp! Join our channel for market insights & updates
Get the link to download the App
