Maharatna CPSE, Oil and Natural Gas Corporation Limited (ONGC) and Mitsui O.S.K lines Ltd, Japan (MOL) have signed a Heads of Agreement on 3rd July 2025 to enter into a partnership to build, own and operate two Very Large Ethane Carriers (VLECs).
The VLECs shall be shipping imported ethane to ONGC Petro Additions Limited (OPaL), a subsidiary of ONGC, for captive use as feedstock.
The exchange filing said that the arrangement is subject to Board approval and further details shall be shared after signing of partnership agreement.
Shares of ONGC were closed at Rs 243.95 up by 1.19 percent at BSE.