- Shares of ONGC rose over 6% following a joint venture shipbuilding deal with MOL and Samsung Heavy.
- The contract involves constructing two very large ethane carriers announced at India Energy Week 2026 in Goa.
- The joint venture entities Bharat Ethane One and Two IFSC Pvt Ltd are incorporated in GIFT City, Gujarat.
Shares of Oil and Natural Gas Corporation (ONGC) are in focus after its joint venture with Japan's Mitsui O.S.K. Lines (MOL) finalized shipbuilding contracts with South Korean major Samsung Heavy Industries.
The share price of ONGC has surged over 6%, and is trading at around Rs 262.83 apiece.
The announcement was made during India Energy Week 2026 in Goa and covers the construction of two advanced very large ethane carriers (VLECs).
“The swift finalization of these shipbuilding contracts underscores the strong trilateral cooperation and industrial partnership among India, Japan and South Korea,” the company said in a Tuesday evening exchange filing.
The agreements were signed by the recently created joint venture entities—Bharat Ethane One IFSC Pvt Ltd and Bharat Ethane Two IFSC Pvt Ltd—both incorporated in GIFT City, Gujarat. Under the arrangement, each JV will own and operate one VLEC, according to the filing.
ONGC has also entered into long‑term Time Charter Party agreements with the two JV firms. The vessels are scheduled for delivery in the 2028–29 financial year.
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