Wikipedia

Indian Oil Corporation

Indian Oil Corporation Limited(IOCLorIOC),trading asIndianOil,is an Indianmultinational[4][5]oil and gascompany under theownershipofGovernment of Indiaand administrative control of theMinistry of Petroleum and Natural Gas.It is apublic sector undertakingwhich isregisteredinMumbaibut headquartered inNew Delhi.[6]It is the largestgovernment-owned oil producer[7]in the country both in terms of capacity and revenue. It has consolidated refining capacity of 80.55MMTPA.[8]

Indian Oil Corporation Limited
Company typePublic
ISININE242A01010
IndustryEnergy:Oil and gas
Predecessor
  • Indian Refineries Ltd. (1958)
  • Indian Oil Corporation (1959)
Founded30 June 1959;65 years ago(30 June 1959)
Headquarters
Area served
India,Sri Lanka,Middle East,Mauritius
Key people
Satish Kumar Vaduguri (InterimChairman,director marketing)[1]
Products
RevenueIncrease₹885,078 crore(US$110 billion) (2024)[2]
Increase₹57,288 crore(US$6.9 billion) (2024)[2]
Increase₹43,161 crore(US$5.2 billion) (2024)[2]
Total assetsIncrease₹482,362 crore(US$58 billion) (2024)[2]
Total equityIncrease₹188,163 crore(US$23 billion) (2024)[2]
OwnerGovernment of India[3]
Number of employees
30,439 (2024)[2]
Divisions
Subsidiaries
Websitewww.ioclEdit this at Wikidata

Indian Oil's business interests overlap the entirehydrocarbonvalue chain,includingrefining,Pipeline,marketing ofpetroleum products,explorationandproductionofPetroleum,natural gasandpetrochemicals.[9]Indian Oil has ventured intorenewable energyand globalisation of downstream operations. It has subsidiaries inSri Lanka(Lanka IOC),[10]Mauritius(IndianOil (Mauritius) Ltd),[11]and theMiddle East(IOC Middle East FZE).[12]

Indian Oil is ranked 94th on theFortune Global 500list of the world's biggest corporations as of 2022.[13]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.[14][15][16]

History

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In May 2018, IOCL became India's most profitablegovernment corporationfor the second consecutive year, with a record profit of ₹21,346 crores in 2017–18.[17]In February 2020, the company signed a deal with the Russian oil companyRosneftto buy 140,000 barrels per day of crude in year 2020.[18]By 1 April 2020, IndianOil was in absolute readiness to launchBS-VI (Bharat Stage VI)fuels in all its retail outlets inTelanganaand adopt world-class emission norms.[19]

In January 2021, sales were registered at an all time high of 410,000 barrels of oil per day till 26 January 2021.Delek,QatarEnergy,andSaudi Aramcoare its largest business partners withAbu Dhabi National Oil CompanyandNational Iranian Oil Companysigning deals to deliver high production output by the end of 2020.

In March 2022,Apollo Hospitalsreplaced Indian Oil Corporation inNifty 50benchmark index.[20]

Operations

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The world's highest retail outlet (at an altitude of 3,740 mtr. above mean sea level) under IOCL, inKaza,Himachal Pradesh
IOCL Petrol Pump under construction inKhammam
An Indian Oil Fueling Station inKapsi,Chhattisgarh
An Indian Oil Petrol pump nearDera BassiinPunjab, India
An Indian Oil fuel truck on the way toLadakh
A typical IOCL petrol pump in cities of India -Chembur,Mumbai
Indian Oil Petrol Bunk inBasaveshwaranagar,Bangaloreat night
IndianOil aviation fuel tanker in front of Terminal 1D atIndira Gandhi International Airport
Anoil refineryunder IOCL inHaldia,West Bengal

Business divisions

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There are seven major business divisions in the organisation:

  1. Refineries Division[21]
  2. Pipelines Division[22]
  3. Marketing Division[23]
  4. R&D Division[24]
  5. Petrochemicals Division[25]
  6. Exploration & Production (E&P) Division[26]
  7. Explosives and Cryogenics Division[27]

Products and services

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Indian Oil accounts for nearly half of India's petroleum products market share, 35% national refining capacity (together with its subsidiaryChennai Petroleum Corporation Ltd.or CPCL), and 71% downstream sector pipelines through capacity. The Indian Oil Group owns and operates 11 of India's 23[28]refineries with a combined refining capacity of 80.7 milliontonnesper year.[29]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 atstandard conditionsfor gas. On 19 November 2017, IOCL, in collaboration withOla,launched India's first electric charging station at one of its petrol-diesel stations in Nagpur.[30]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.[31]

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 withRoyal Dutch ShellandSurgutneftegasandChevron Corporationhave been signed for exclusive business plans for supply in Asia with theIndian Oil Company,which are worth 20 billion dollars per year.

Oil refinery locations

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Pipelines

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  • Salaya - Mathura crude oil pipeline
  • Mundra - Panipat crude oil pipeline
  • Paradip-Haldia-Barauni crude oil pipeline
  • Kandla–Bhatinda Oil Pipeline
  • 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

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Subsidiaries include:[32]

  • IndianOil (Mauritius) Limited
  • IOC Middle East FZE, UAE
  • Lanka IOC PLC,Sri Lanka
  • IOC Sweden AB,Sweden
  • IOCL (USA) Inc.,USA
  • IndOil Global B.V.Netherlands
  • IOCL Singapore Pte. Ltd.

Employees

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A sculpture on the premises of IOCL Corporate Office, New Delhi, India

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.[14][33]The attrition rate in Indian Oil is around 1.5%.[34]The company spent ₹96.57 billion on employee benefits during the FY 2016–17.[33]

Listing and shareholding

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Indian Oil'sequity sharesare listed on theBombay Stock ExchangeandNational Stock Exchange of India.[35]

As of September 2018, it was owned 51% by the Government of India (through thePresident of India), and 43% by other entities. The latter included corporate bodies (20%),ONGC(14%),LIC(6%), Foreign portfolio investors (6%),[36]Oil India Limited(5%) andIndian Mutual funds(4%).[37]

This was similar to its shareholding in 2017. As of 31 December 2017, thePromotersGovernment of Indiaheld 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.[38]IOCL's Market cap as of December 2022 was Rs. 1,10,075.05 crore.[39]

Shareholders (as on 31 March 2020)[40] Shareholding
Promoter Group (President of India) 51.50%
Central Government 0.11%
Foreign Institutional Investors 5.81%
Mutual Funds 4.66%
General Public 6.01%
Financial Institutions 8.32%
Others 23.59%
Total 100.0%

Strategic partnerships

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IOC Phinergy Pvt Ltd

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Indian Oil Corporation (IOC) buys a stake inPhinergy(Israel) for manufacturing, development, and sale ofaluminum-air batteries(Al-Air batteries) forelectric vehicles.This joint venture is ready to facilitate the development of Al-Air technology by intending to set up a factory in India.[41]

Competition

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Indian Oil Corporation has two major domestic competitors –Bharat PetroleumandHindustan Petroleum– and both are state-controlled, like Indian Oil Corporation. Major private competitors include –Reliance Petroleum,Essar OilandShell.

Oil Industry Development Board

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India has begun the development of a strategic crude oil reserve sized at 37.4 million barrels (5,950,000 m3), enough for two weeks of consumption.[42]Petroleum stocks have been transferred from the Indian Oil Corporation to the Oil Industry Development Board (OIDB).[43]The OIDB then created theIndian Strategic Petroleum Reserves Ltd (ISPRL)to serve as the controlling government agency for the strategic reserve.[44]

See also

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References

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  2. ^abcdef"Indian Oil Corporation Ltd. Financial Statements"(PDF).bseindia.Retrieved30 April2024.
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