Reliance Industries (RIL) and Mitsui OSK Lines of Japan on 25 December 2014 signed a long-term agreement for transportation of liquefied ethane from North America to India.
According to the agreement, Mitsui will manage six Very Large Ethane Carriers (VLECs), built by Samsung Heavy Industries. It will also supervise the construction of 87000 cubic meter VLECs. These VLECs are expected to be delivered in the last quarter of 2016.
RIL plans to ship 1.5 million tonnes a year of ethane from its US shale joint ventures to its chemical complex in Gujarat through the VLECs.
RIL has two Joint Ventures (JV) namely Marcellus Shale in Pennsylvania with an investment of 1.7 billion US dollars and Houston-based Carrizo Oil & Gas with an investment of 392 million US dollars.
It also has another JV named Eagle Ford Shale with Dallas-based Pioneer Natural Resources in Texas worth 1.5 billion US dollars.
When: 25 December 2014