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ONGC plans to form a joint venture (JV) with partners, holding at least a 26% stake, to own and charter three very large ethane carriers (VLECs) worth $510 million.
These ships will transport 800 KTPA of ethane, mainly from the US, to its Dahej-based petrochemical plant, OPaL, starting May 2028. With local shipyards unlikely to meet the tight construction timeline, ONGC may source the vessels from global yards. The JV will handle shipbuilding contracts, funding, and management. ONGC has proposed two charter models: Bareboat Charter and Time Charter, both covering operational costs and ensuring a reasonable return on capital.
