<India Energy Week 2026> MOL, India's State-Owned Oil and Natural Gas Company, ONGC Sign Long-term Charter Deal for 2 Liquefied Ethane Carriers
- Building the World's Largest Ethane Carrier Fleet -

January 28, 2026

TOKYO-Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto) today announced that it has established two joint ventures with India's state owned Oil and Natural Gas Corporation Limited (ONGC). The two joint ventures ^{(Note 1)} and ONGC signed a long-term (15-year) charter contract for two newbuilding Very Large Ethane Carriers (VLECs) during India Energy Week 2026.
The state of the art 100,000 cubic meter VLECs will be equipped with dual fuel main engines capable of burning ethane as fuel. They are scheduled for construction at Samsung Heavy Industries Co., Ltd. (Headquarters: South Korea, Samsung Heavy Industries Geoje Shipyard). Delivery is slated for late 2028 or later, after which the vessels will be engaged in transporting liquefied ethane from the U.S. to India ^{(Note 2)}.
This contract expands MOL's VLEC fleet to 16 vessels, the largest in the world.

Since launching ethane transport business in 2016 as the world's first VLEC operator, MOL has steadily built a strong track record in liquefied ethane transport and established itself as a leader in VLEC management and operations. Its experience with liquefied gas carriers, including VLECs, along with its operational expertise within the Indian Special Economic Zone, where these joint ventures are based, was recognized and led to the signing of this long term charter agreement.

MOL has positioned regional strategy as one of the key pillars of its group management plan "BLUE ACTION 2035," identifying Asia as a region expected to deliver strong economic growth. In India in particular, where economic development has been remarkable, MOL has long been actively expanding its business presence. Through the expansion of its energy business, including this project, and the further strengthening of its partnership with ONGC, MOL group will continue to play a part in the transport and logistics infrastructure that supports rapidly growing-and expected to further expand-demand for energy, including natural gas, and contribute to stable supply.

MOL Group is advancing a transformation of its business portfolio by increasing the share of stable earnings businesses to secure profitability even during shipping downturns. Expanding our LNG and VLEC fleets-the world's largest-as well as our long-term time charter contracts is part of this initiative.

Building on its accumulated experience and expertise, the group aims to take a significant step forward as a global social infrastructure company. From the blue ocean, it will sustain people's lives, ensure a prosperous future, and deliver new value to all stakeholders.

(Note 1) MOL and ONGC have established the following two joint ventures within the International Financial Services Center in Gujarat International Finance Tec-City, an Indian Special Economic Zone.

<Overview of the Joint Ventures>

Company Name	Bharat Ethane One IFSC Private Limited Bharat Ethane Two IFSC Private Limited
Location	Gujarat International Finance Tec-City, India
Equity Ratio	MOL: 50%, ONGC: 50%
Flag State	India
Fleet Composition	Each company will operate 1 VLEC (Total fleet: two vessels)

(Note 2) The liquefied ethane to be transported is scheduled to be supplied as feedstock to the petrochemical plant operated by ONGC subsidiary ONGC Petro Additions Limited in Dahej, Gujarat, India.

[Vessel Specifications]

Main Dimensions	Overall Length: 230m / Beam: 36.6m / Draft at Full Load: 11.9m
Cargo Tank Type / Capacity	GTT Mark III Membrane / 100,000m3

[Overview of ONGC]

Company Name	Oil and Natural Corporation Limited
Representative	Chairman and CEO Arun Kumar Singh
Company Profile	Established in 1956, ONGC is one of India's largest state owned oil and natural gas companies. As a Maharatna designated enterprise-the highest level of operational autonomy granted by the Indian government-it is a critically important state-owned enterprise and a core pillar of the nation's energy security. The company contributes around 71% to Indian domestic production. Through its subsidiaries, it conducts vertically integrated operations across the entire value chain, from upstream (exploration and development) to downstream (refining and marketing), including petroleum refining, petrochemicals, and energy exploration and production activities in more than 15 countries worldwide. It also plays a key role in advancing India's petrochemical industry, including through its ownership of ONGC Petro additions Limited, which will supply feedstock for the VLEC project.