Indian Oil Corporation Limited (IOCL or IOC),

trading as A trade name, trading name, or business name is a pseudonym used by companies that do not operate under their registered company name. The term for this type of alternative name is fictitious business name. Registering the fictitious name with ...

IndianOil, is an Indian multinational

oil and gas A fossil fuel is a flammable carbon compound- or hydrocarbon-containing material formed naturally in the Earth's crust from the buried remains of prehistoric organisms (animals, plants or microplanktons), a process that occurs within geologi ...

company under the

ownership Ownership is the state or fact of legal possession and control over property, which may be any asset, tangible or intangible. Ownership can involve multiple rights, collectively referred to as '' title'', which may be separated and held by dif ...

of the

Government of India The Government of India (ISO 15919, ISO: Bhārata Sarakāra, legally the Union Government or Union of India or the Central Government) is the national authority of the Republic of India, located in South Asia, consisting of States and union t ...

and administrative control of the

Ministry of Petroleum and Natural Gas The Ministry of Petroleum and Natural Gas (MOP&NG) is a List of Indian agencies, ministry of the Government of India responsible for the exploration, production, refining, distribution, marketing, import, export, and conservation of petroleum, ...

. It is a

public sector undertaking Public Sector Undertakings (PSU) in India are State-owned enterprise, government-owned entities in which at least 51% of stake is under the ownership of the Government of India or State governments of India, state governments. These types of f ...

which is

registered Registered may refer to: * Registered mail, letters, packets or other postal documents considered valuable and in need of a chain of custody * Registered trademark symbol, symbol ® that provides notice that the preceding is a trademark or service ...

Mumbai Mumbai ( ; ), also known as Bombay ( ; its official name until 1995), is the capital city of the Indian state of Maharashtra. Mumbai is the financial capital and the most populous city proper of India with an estimated population of 12 ...

but headquartered in

New Delhi New Delhi (; ) is the Capital city, capital of India and a part of the Delhi, National Capital Territory of Delhi (NCT). New Delhi is the seat of all three branches of the Government of India, hosting the Rashtrapati Bhavan, New Parliament ...

. It is the largest government-owned oil producer in the country both in terms of capacity and revenue. It has consolidated refining capacity of 80.55MMTPA. Indian Oil's business interests overlap the entire

hydrocarbon In organic chemistry, a hydrocarbon is an organic compound consisting entirely of hydrogen and carbon. Hydrocarbons are examples of group 14 hydrides. Hydrocarbons are generally colourless and Hydrophobe, hydrophobic; their odor is usually fain ...

value chain A value chain is a progression of activities that a business or firm performs in order to deliver goods and services of Value (economics), value to an end customer. The concept comes from the field of business management and was first described ...

, including

refining Refining is the process of purification of a (1) substance or a (2) form. The term is usually used of a natural resource that is almost in a usable form, but which is more useful in its pure form. For instance, most types of natural petroleum w ...

pipeline A pipeline is a system of Pipe (fluid conveyance), pipes for long-distance transportation of a liquid or gas, typically to a market area for consumption. The latest data from 2014 gives a total of slightly less than of pipeline in 120 countries ...

, marketing of

petroleum product Petroleum products are materials derived from crude oil (petroleum) as it is processed in oil refineries. Unlike petrochemicals, which are a collection of well-defined usually pure organic compounds, petroleum products are complex mixtures. Mos ...

exploration Exploration is the process of exploring, an activity which has some Expectation (epistemic), expectation of Discovery (observation), discovery. Organised exploration is largely a human activity, but exploratory activity is common to most organis ...

and

production Production may refer to: Economics and business * Production (economics) * Production, the act of manufacturing goods * Production, in the outline of industrial organization, the act of making products (goods and services) * Production as a stat ...

Petroleum Petroleum, also known as crude oil or simply oil, is a naturally occurring, yellowish-black liquid chemical mixture found in geological formations, consisting mainly of hydrocarbons. The term ''petroleum'' refers both to naturally occurring un ...

natural gas Natural gas (also fossil gas, methane gas, and gas) is a naturally occurring compound of gaseous hydrocarbons, primarily methane (95%), small amounts of higher alkanes, and traces of carbon dioxide and nitrogen, hydrogen sulfide and helium ...

and

petrochemical Petrochemicals (sometimes abbreviated as petchems) are the chemical products obtained from petroleum by refining. Some chemical compounds made from petroleum are also obtained from other fossil fuels, such as coal or natural gas, or renewable s ...

s. Indian Oil has ventured into

renewable energy Renewable energy (also called green energy) is energy made from renewable resource, renewable natural resources that are replenished on a human lifetime, human timescale. The most widely used renewable energy types are solar energy, wind pow ...

and globalisation of downstream operations. It has subsidiaries in

Sri Lanka Sri Lanka, officially the Democratic Socialist Republic of Sri Lanka, also known historically as Ceylon, is an island country in South Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal, separated from the Indian subcontinent, ...

(

Lanka IOC Lanka IOC PLC is a subsidiary of Indian Oil Corporation which operates retail petrol and diesel stations in Sri Lanka. LIOC is Sri Lanka's only private sector organisation retailing fuels with an island-wide distribution network of 213 retail ou ...

Mauritius Mauritius, officially the Republic of Mauritius, is an island country in the Indian Ocean, about off the southeastern coast of East Africa, east of Madagascar. It includes the main island (also called Mauritius), as well as Rodrigues, Ag ...

(IndianOil (Mauritius) Ltd), and the

Middle East The Middle East (term originally coined in English language) is a geopolitical region encompassing the Arabian Peninsula, the Levant, Turkey, Egypt, Iran, and Iraq. The term came into widespread usage by the United Kingdom and western Eur ...

(IOC Middle East FZE). Indian Oil is ranked 94th on the

Fortune Global 500 The ''Fortune'' Global 500, also known as Global 500, is an annual ranking of the top 500 corporations worldwide as measured by revenue. The list is compiled and published annually by '' Fortune'' magazine. Methodology Until 1989, it listed o ...

list of the world's biggest corporations as of 2022. As of 31 March 2021, Indian Oil has 31,648 employees, out of which 17,762 are executives and 13,876 non-executives, while 2,776 are women.

History

In May 2018, IOCL became India's most profitable

government corporation A state-owned enterprise (SOE) is a business entity created or owned by a national or local government, either through an executive order or legislation. SOEs aim to generate profit for the government, prevent private sector monopolies, provide goo ...

for the second consecutive year, with a record profit of ₹21,346 crores in 2017–18. In February 2020, the company signed a deal with the Russian oil company

Rosneft PJSC Rosneft Oil Company ( stylized as ROSNEFT) is a Russian integrated energy company headquartered in Moscow. Rosneft specializes in the exploration, extraction, production, refining, transport, and sale of petroleum, natural gas, and pet ...

to buy 140,000 barrels per day of crude in year 2020. By 1 April 2020, IndianOil was in absolute readiness to launch BS-VI (Bharat Stage VI) fuels in all its retail outlets in

Telangana Telangana is a States and union territories of India, state in India situated in the Southern India, south-central part of the Indian subcontinent on the high Deccan Plateau. It is the List of states and union territories of India by area, ele ...

and adopt world-class emission norms. In January 2021, sales were registered at an all-time high of 410,000 barrels of oil per day till 26 January 2021.

Delek Delek Group () is an Israeli holding conglomerate mainly operating in the petroleum industry. Delek Group's largest subsidiary is Delek – The Israel Fuel Corporation, one of the largest chains of filling stations in Israel. Delek Group also ...

QatarEnergy QatarEnergy (), formerly Qatar Petroleum (QP), is a state-owned petroleum company of Qatar. The company operates all oil and gas activities in Qatar, including exploration, production, refining, transport, and storage. The President and CEO is S ...

, and

Saudi Aramco Saudi Aramco ( ') or Aramco (formerly Arabian-American Oil Company), officially the Saudi Arabian Oil Company, is a majority state-owned petroleum and natural gas company that is the national oil company of Saudi Arabia. , it is the fourth- l ...

are its largest business partners, with

Abu Dhabi National Oil Company The Abu Dhabi National Oil Company (), known by its acronym ADNOC, is the state-owned Petroleum industry, oil company of Abu Dhabi, United Arab Emirates. It is the world's 12th largest oil company by production. As of 2021, the company has an oi ...

and

National Iranian Oil Company The National Iranian Oil Company (NIOC; ) is a government-owned national oil and natural gas producer and distributor under the direction of the Ministry of Petroleum of Iran. NIOC was established in 1951 and restructured under The Consorti ...

signing deals to deliver high production output by the end of 2020. In March 2022,

Apollo Hospitals Apollo Hospitals Enterprise Limited is an Indian multinational healthcare group headquartered in Chennai. It is the largest for-profit private hospital network in India, with a network of 71 owned and managed hospitals. Along with the eponym ...

replaced Indian Oil Corporation in

Nifty 50 The NIFTY 50 is an Indian stock market index that represents the Capitalization-weighted index#Free-float weighting, float-weighted average of 50 of the largest Indian companies listed on the National Stock Exchange of India, National Stock E ...

benchmark index.

Controversy

Indian Oil Corporation's activities in Russia

Indian Oil Corporation has faced criticism for continuing its operations in Russia despite widespread international sanctions imposed after Russia's invasion of Ukraine in 2022. The corporation has been listed on platforms such as ''Leave Russia,'' which monitors companies still active in the country, raising ethical concerns about its stance in the global effort to economically isolate Russia. Critics argue that such actions undermine international solidarity against the invasion of Ukraine. The company's activities have sparked questions about its commitment to corporate social responsibility and its alignment with international norms during geopolitical crises.

Operations

Ashok Leyland Aviation Fuel Tanker at New Delhi Airport

Business divisions

There are seven major business divisions in the organisation: # Refineries Division # Pipelines Division # Marketing Division # R&D Division # Petrochemicals Division # Exploration & Production (E&P) Division # Explosives and Cryogenics Division

Products and services

Indian Oil accounts for nearly half of India's petroleum products market share, 35% national refining capacity (together with its subsidiary Chennai Petroleum Corporation Ltd. or CPCL), and 71% downstream sector pipelines through capacity. The Indian Oil Group owns and operates 11 of India's 23 refineries with a combined refining capacity of 80.7 million

tonne The tonne ( or ; symbol: t) is a unit of mass equal to 1,000 kilograms. It is a non-SI unit accepted for use with SI. It is also referred to as a metric ton in the United States to distinguish it from the non-metric units of the s ...

s per year. Indian Oil's cross-country pipeline network, for the transport of crude oil to refineries and finished products to high-demand centres, spans over 13,000 km. The company has a throughput capacity of 80.49 million tonnes per year for crude oil and petroleum products and 9.5 million cubic metres per day at

standard conditions Standard temperature and pressure (STP) or standard conditions for temperature and pressure are various standard sets of conditions for experimental measurements used to allow comparisons to be made between different sets of data. The most used ...

for gas. On 19 November 2017, IOCL, in collaboration with

Ola Ola may refer to: Places Panama *Olá, a subdistrict in Coclé Province * Olá District Russia *Ola, Russia, an urban settlement in Magadan Oblast * Ola District, an administrative division in Magadan Oblast * Ola (river), a river in Magadan ...

, launched India's first electric charging station at one of its petrol-diesel stations in Nagpur. Indian governments' National Electric Mobility Mission Plan launched in 2013 aims at gradually ensuring a vehicle population of 6 to 8 million electric and hybrid vehicles in India by 2020. Servo is the lubricants brand under which IOCL operates its lubricant business. Servo is the largest selling lubricant brand in both automotive and industrial segments. It is said that deals with

Royal Dutch Shell Shell plc is a British multinational oil and gas company, headquartered in London, England. Shell is a public limited company with a primary listing on the London Stock Exchange (LSE) and secondary listings on Euronext Amsterdam and the New ...

and

Surgutneftegas Surgutneftegas ( rus, ПАО «Сургутнефтегаз», p=sʊrɡʊtnʲɪftʲɪˈɡas) is a Russian oil and gas company created by merging several previously state-owned companies owning large oil and gas reserves in Western Siberia. The c ...

and

Chevron Corporation Chevron Corporation is an American multinational energy corporation predominantly specializing in oil and gas. The second-largest direct descendant of Standard Oil, and originally known as the Standard Oil Company of California (shortened t ...

have been signed for exclusive business plans for supply in Asia with the

Indian Oil Company The Indian Refining Company was an American oil company in operation from the first decade of the 1900s until April 2, 1943. It was bought by the Texas Company in 1931. It had an oil refinery based in Lawrenceville, Illinois. Indian Refining pat ...

, which are worth 20 billion dollars per year.

Oil refinery locations

Barauni Refinery Barauni Refinery is an oil refinery located in Begusarai city in the state of Bihar, operated by Indian Oil Corporation (IOCL). It was the dream project of Shri Krishna Singh (politician), Shri Krishna Singh the first List of chief ministers of ...

Bongaigaon Refinery Bongaigaon Refinery is an oil refinery and petrochemical complex located in the town of Bongaigaon in the administrative district of Chirang district, Chirang in Assam, India. Sources {{Reflist External linkswww.swaminomics.org
Energy in ...

* CPCL, Chennai * CPCL, Narimanam *

Digboi Refinery Digboi Oil Refinery was set up at Digboi in 1901 by Assam Oil Company Ltd. The Indian Oil Corporation Ltd (IOC) took over the refinery and marketing management of Assam Oil Company Ltd. with effect from 1981 and created a separate division. T ...

Guwahati Refinery Guwahati Refinery was set up at Noonmati in Guwahati on 1 January 1962. Guwahati Refinery is the first Public Sector refinery of India and belongs to Indian Oil Corporation Limited. The refinery was inaugurated by Late Pandit Jawahar Lal Nehru, ...

Haldia Refinery Haldia Refinery is an oil refinery operated by Indian Oil Corporation, located in Haldia city in the state of West Bengal. This refinery has a capacity of 8 million tonnes per year. This refinery was commissioned in 1975 and is situated 136 km f ...

* Koyali Refinery *

Mathura Refinery The Mathura Refinery, owned by Indian Oil Corporation, is the sixth oil refinery of IndianOil located in Mathura, Uttar Pradesh, India. The refinery processes low sulphur crude from Bombay High, imported low sulphur crude from Nigeria, and high ...

Panipat Refinery Panipat Refinery is an oil refinery located in Baholi, Panipat, Haryana, India. It was set up in 1998. Panipat Refinery is the seventh refinery belonging to Indian Oil Corporation Limited. It is one of South Asia's largest integrated petrochemi ...

Paradip Refinery Paradip Refinery is an oil refinery set up by Indian Oil Corporation in Paradip town in the state of Odisha. It was commissioned in 2016 with an installed capacity of 15 million tonnes per year. This refinery is spread over approximately 3,345 a ...

Pipelines

*Salaya - Mathura crude oil pipeline *Mundra - Panipat crude oil pipeline *Paradip-Haldia-Barauni crude oil pipeline *

Kandla–Bhatinda Oil Pipeline The Kandla–Bhatinda Oil Pipeline (KBPL) is a major petroleum pipeline system in India that transports crude oil and refined petroleum products across three states. Commissioned in 1996, it remains the longest multiproduct pipeline in India, w ...

*Koyali - Mohanpura product pipeline *Koyali - Ahmedabad product pipeline *Guwahati - Siliguri product pipeline *Barauni - Kanpur product pipeline *Patna-Motihari-Baitalpur Product pipeline *Haldia - Mourigram - Rajbandh product pipeline *Haldia - Barauni product pipeline *Panipat - Jalandhar LPG pipeline *Dadri - Panipat R-LNG pipeline *Koyali - Ratlam product pipeline *Koyali - Dahej/ Hazira product pipeline *Panipat - Bhatinda product pipeline *Panipat - Rewari product pipeline *Panipat - Ambala - Jalandhar product pipeline *Mathura - Delhi product pipeline *Mathura - Bharatpur product pipeline *Mathura - Tundla product pipeline *Chennai - Trichy - Madurai product pipeline *Chennai - Bangalore product pipeline *Chennai ATF pipeline *Bangalore ATF pipeline *Kolkata ATF pipeline *Paradip - Raipur - Ranchi product pipeline *Jaipur Panipat Naphtha Pipeline *Paradip - Hyderabad product pipeline *Paradip-Haldia-Barauni-Motihari LPG Pipeline *Paradip-Somnathpur-Haldia Product Pipeline

Foreign subsidiaries

Subsidiaries include: * IndianOil (Mauritius) Limited * IOC Middle East FZE, UAE * Lanka IOC PLC, Sri Lanka *IOC Sweden AB,

Sweden Sweden, formally the Kingdom of Sweden, is a Nordic countries, Nordic country located on the Scandinavian Peninsula in Northern Europe. It borders Norway to the west and north, and Finland to the east. At , Sweden is the largest Nordic count ...

*IOCL (USA) Inc.,

USA The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 states and a federal capital district, Washington, D.C. The 48 contiguous ...

*IndOil Global B.V.

Netherlands , Terminology of the Low Countries, informally Holland, is a country in Northwestern Europe, with Caribbean Netherlands, overseas territories in the Caribbean. It is the largest of the four constituent countries of the Kingdom of the Nether ...

*IOCL Singapore Pte. Ltd.

Employees

As On 31 March 2024, IOC's Regular Employee Strength Stands At 30,321. Executives Account For 18,570, non-Executives Account For 11,751. The attrition rate in Indian Oil is around 1.5%. The company spent ₹96.57 billion on employee benefits during the FY 2016–17.

Listing and shareholding

Indian Oil's

equity shares Common stock is a form of corporate equity ownership, a type of security. The terms voting share and ordinary share are also used frequently outside of the United States. They are known as equity shares or ordinary shares in the UK and other Com ...

are listed on the

Bombay Stock Exchange BSE Limited, also known as the Bombay Stock Exchange (BSE), is an Indian stock exchange based in Mumbai. It is the 6th largest stock exchange in the world by total market capitalization, exceeding $5 trillion in May 2024. Established with t ...

and

National Stock Exchange of India National Stock Exchange of India Limited, also known as the National Stock Exchange (NSE), is an Indian stock exchange based in Mumbai. It is the List of stock exchanges, 5th largest stock exchange in the world by total market capitalization, ...

. As of September 2018, it was owned 51% by the Government of India (through the

President of India The president of India (ISO 15919, ISO: ) is the head of state of the Republic of India. The president is the nominal head of the executive, the first citizen of the country, and the commander-in-chief, supreme commander of the Indian Armed ...

), and 43% by other entities. The latter included corporate bodies (20%),

ONGC The Oil and Natural Gas Corporation Limited (ONGC) is an Indian central public sector undertaking which is the largest government-owned oil and gas explorer and producer in the country. It accounts for around 70 percent of India's domestic pro ...

(14%), LIC (6%), Foreign portfolio investors (6%),

Oil India Limited Oil India Limited (OIL) is a central public sector undertaking engaged in the business of exploration, development and production of crude oil and natural gas, transportation of crude oil and production of liquid petroleum gas. The central ...

(5%) and Indian Mutual funds (4%). This was similar to its shareholding in 2017. As of 31 December 2017, the Promoters

held approx. 56.98% of the shares in Indian Oil Corporation. The public held the rest of the shares – 43.02%. This includes Mutual Fund Companies, Foreign Portfolio Investors, Financial Institutions/ Banks, Insurance Companies, Individual Shareholders and Trusts. IOCL's Market cap as of December 2022 was Rs. 1,10,075.05 crore.

Strategic partnerships

IOC Phinergy Pvt Ltd

Indian Oil Corporation (IOC) buys a stake in Phinergy (

Israel Israel, officially the State of Israel, is a country in West Asia. It Borders of Israel, shares borders with Lebanon to the north, Syria to the north-east, Jordan to the east, Egypt to the south-west, and the Mediterranean Sea to the west. Isr ...

) for manufacturing, development, and sale of aluminum-air batteries (Al-Air batteries) for

electric vehicle An electric vehicle (EV) is a motor vehicle whose propulsion is powered fully or mostly by electricity. EVs encompass a wide range of transportation modes, including road vehicle, road and rail vehicles, electric boats and Submersible, submer ...

s. This joint venture is ready to facilitate the development of Al-Air technology by intending to set up a factory in India.

Competition

Indian Oil Corporation has two major domestic competitors –

Bharat Petroleum Bharat Petroleum Corporation Limited is an Indian public sector oil and gas company, headquartered in Mumbai. It is India's second-largest government-owned downstream oil producer, whose operations are overseen by the Ministry of Petroleum and ...

and

Hindustan Petroleum Hindustan Petroleum Corporation Limited (HPCL) is an Indian public sector undertaking in Petroleum industry, petroleum and natural gas industry, headquartered in Mumbai. It is a subsidiary of the Oil and Natural Gas Corporation (ONGC), which ...

– and both are state-controlled, like Indian Oil Corporation. Major private competitors include –

Reliance Petroleum Reliance BP Mobility Limited (d/b/a Jio-bp), is an Indian oil and gas company, owned by Mukesh Ambani of Reliance Industries Limited (RIL). It is based in Navi Mumbai, Maharashtra, India. It is vertically integrated and is involved in hydroca ...

Essar Oil, Now renamed as Nayara Essar Group is an Indian multinational conglomerate company, founded by Shashi Ruia and Ravi Ruia in 1969. The company, known as Essar Global Fund Limited (EGFL), owns a variety of assets in the core sectors of energy (oil refining, oil and ...

and

Shell Shell may refer to: Architecture and design * Shell (structure), a thin structure ** Concrete shell, a thin shell of concrete, usually with no interior columns or exterior buttresses Science Biology * Seashell, a hard outer layer of a marine ani ...

Oil Industry Development Board

India has begun the development of a strategic crude oil reserve sized at , enough for two weeks of consumption. Petroleum stocks have been transferred from the Indian Oil Corporation to the Oil Industry Development Board (OIDB). The OIDB then created the Indian Strategic Petroleum Reserves Ltd (ISPRL) to serve as the controlling government agency for the strategic reserve.

References

External links

* {{authority control Oil and gas companies of India Government-owned companies of India Companies based in Delhi Non-renewable resource companies established in 1964 Indian companies established in 1964 NIFTY 50 National oil and gas companies 1964 establishments in Delhi Companies listed on the National Stock Exchange of India Companies listed on the Bombay Stock Exchange