Indian Oil Corporation (IOC), India’s flagship national oil company and downstream petroleum major, was incorporated on June 30, 1959 as Indian Oil Company. The company was renamed as Indian Oil Corporation on September 1, 1964 following the merger of Indian Refineries (established 1958) with it.
The Indian Oil Group of companies owns and operates ten of India's 20 refineries with a combined refining capacity of 60.2 million metric tonnes per annum (MMTPA, .i.e. 1.2 million barrels per day). These include two refineries of subsidiary Chennai Petroleum Corporation. The corporation's cross-country network of crude oil and product pipelines, spanning over 10,000 km and the largest in the country, meets the vital energy needs of the consumers in an efficient, economical and environment-friendly manner.
IOC reaches precious petroleum products to millions of people everyday through a countrywide network of about 35,000 sales points. They are backed for supplies by 167 bulk storage terminals and depots, 101 aviation fuel stations and 89 Indane (LPG) bottling plants. About 7,335 bulk consumer pumps are also in operation for the convenience of large consumers, ensuring products and inventory at their doorstep.
The company operates the largest and the widest network of petrol and diesel stations in the country, numbering over 18,278. It reaches Indane cooking gas to the doorsteps of over 53 million households in nearly 2,700 markets through a network of about 5,000 Indane distributors.
Indian Oil's ISO-9002 certified Aviation Service commands over 63% market share in the aviation fuel business, meeting the fuel needs of domestic and international flag carriers, private airlines and the Indian Defence Services. The corporation also enjoys a dominant share of the bulk consumer business, including that of railways, state transport undertakings, and industrial, agricultural and marine sectors.
IOC's world-class R&D Centre is perhaps Asia's finest. Besides pioneering work in lubricants formulation, refinery processes, pipeline transportation and alternative fuels, the centre is also the nodal agency of the Indian hydrocarbon sector for ushering in hydrogen fuel economy in the country. It has set up a commercial Hydrogen-CNG station at an Indian Oil retail outlet in New Delhi this year. The centre holds 214 active patents, including 113 international patents.
IOC has joined the league of global technology providers with the selection of its in-house developed INDMAX technology (for maximising LPG yield) for the 4 MMTPA Fluidised Catalytic Cracking (FCC) unit at the Corporation's upcoming 15 MMTPA grass roots refinery at Paradip in Orissa, as well as for the FCC unit coming up at BRPL. A wholly-owned subsidiary, IndianOil Technologies, is engaged in commercialising the innovations and technologies developed by Indian Oil's R&D Centre.
Exclusive XTRACARE petrol & diesel stations, unveiled in select urban and semi-urban markets, offer a range of value-added services to enhance customer delight and loyalty. Large format Swagat brand outlets cater to highway motorists, with multiple facilities such as food courts, first aid, rest rooms and dormitories, spare parts shops, etc. Specially formatted Kisan Seva Kendra outlets meet the diverse needs of the rural populace, offering a variety of products and services such as seeds, fertilisers, pesticides, farm equipment, medicines, spare parts for trucks and tractors, tractor engine oils and pump set oils, besides auto fuels and kerosene. SERVOXpress has been launched recently as a one-stop shop for auto care services.
In E&P, Indian Oil has non-operator participating interest in seven oil and gas blocks awarded under various NELP (New Exploration Licensing Policy) rounds and two Coal Bed Methane (CBM) blocks in India, in consortium with other companies. In addition, Indian Oil has two onshore type ‘S’ NELP blocks, with 100% participating interest (PI) and sole operatorship. It also has participating interest in an onshore block in Assam and Arunachal Pradesh through a farm-in.
IOC is currently forging ahead on a well laid-out road map through vertical integration- upstream into oil exploration and production (E&P) and downstream into petrochemicals-and diversification into natural gas marketing, bio fuels, wind power projects, besides globalisation of its downstream operations.
Overseas ventures of the corporation includes two blocks (86 and 102/4) in Sirte Basin and Areas 95/96 in Ghadames basin of Libya, Farsi Exploration Block in Iran, onshore farm-in arrangements in one block in Gabon, one on land block in Nigeria, one deepwater offshore block in Timor-Leste and two onshore blocks in Yemen. In all, Indian Oil has 12 domestic exploration blocks, including two blocks where gas discoveries have been made and nine overseas exploration blocks, and the Farsi block in Iran where commerciality of gas discovery has been established. The company has incorporated Ind-OIL Overseas -- a special purpose vehicle for acquisition of overseas E&P assets -- in Port Louis, Mauritius, in consortium with Oil India (OIL).
In natural gas business, IOC sold 1.849 million tonnes of the product in 2008-09. A technology innovation has been initiated to reach LNG (Liquefied Natural Gas) directly to the doorstep of bulk consumers in cryogenic containers for industrial as well as captive power applications.
The company has tied up with several players such as Adani Energy, Reliance Gas Corporation, OIL and ONGC, etc., to set up joint ventures in various cities of India. The corporation has also entered into franchise agreements with CGD players such as Indraprastha Gas Ltd, Mahanagar Gas Limited, Adani Energy Limited, GEECL, SITI Energy and GSPC Gas Limited to market CNG through its retail outlets
To straddle the complete bio-fuel value chain, the company has formed a joint venture with the Chhattisgarh Renewable Development Authority (CREDA) with an equity holding of 74% and 26% respectively. Indian Oil CREDA Biofuels Limited has been formed for carrying out farming, cultivating, manufacturing, production and sale of biomass, bio-fuels and allied products and services.
A pilot project of jatropha plantation on 600 hectares of revenue wasteland is underway in Jhabua district in Madhya Pradesh to ascertain the feasibility of revenue land-based commercial biodiesel units and to develop benchmarks for plantation costs and output.
IOC has also signed an MoU with Ruchi Soya Industries Limited to take up contract farming on one lakh hectare of private and panchayat wasteland in the state of Uttar Pradesh.
It has forayed into wind energy business with the commissioning of a Rs 130 crore, 21 MW wind power project in the Kutch district of Gujarat. The cumulative power generation from the 14 wind turbine generators has crossed 159 lakh KW since commissioning in January 2009. The company has also commissioned two pilot solar lantern charging stations at its Kisan Seva Kendra at Sathla near Meerut and Chokoni near Bareilly.
For over two decades now, Indian Oil has been providing technical and manpower secondment services to overseas companies. Such services have been extended to Emirates National Oil Company (ENOC), Kenya Pipeline Company and Aden Refinery, Yemen. For the first time, SAP implementation / IT consultancy was provided in Sri Lanka. Consultancy on pipelines was provided to Greater Nile Petroleum Operating Company (GNPOC), Sudan.
Indian Oil has set up subsidiaries in Sri Lanka, Mauritius and the United Arab Emirates (UAE), and is simultaneously scouting for new business opportunities in the energy markets of Asia and Africa.
Lanka IOC Plc (LIOC) Lanka IOC operates about 150 petrol & diesel stations in Sri Lanka, and has a very efficient lube marketing network. Its major facilities include an oil terminal at Trincomalee, Sri Lanka's largest petroleum storage facility and an 18,000 tonnes per annum capacity lubricants blending plant and state-of-the-art fuels and lubricants testing laboratory at Trincomalee. Presently, it holds a market share of about 40%. In a highly competitive bunker market, catering to all types of bunker fuels and lubricants at all ports of Sri Lanka, viz, Colombo, Trincomalee and Galle. It is the major supplier of lubricants and greases to the three arms of the defence services of Sri Lanka. LIOC's market share in petrol increased stands at 24.8% in 2008 with an overall market share of 16.9%.
Indian Oil (Mauritius) (IOML) Indian Oil (Mauritius) has an overall market share of nearly 22% and commands a 35% market share in aviation fuelling business, apart from its bunkering business. It operates a modern petroleum bulk storage terminal at Mer Rouge port, besides 17 filling stations. In addition to the ongoing expansion of retail network, IOML has to its credit the first ISO-9001 product-testing laboratory in Mauritius.
Indian Oil Middle-East FZE (IOME) The corporation's UAE subsidiary, IOC Middle East FZE, which oversees business expansion in the Middle East, is mainly into blending and marketing of SERVO lubricants and marketing of petroleum products in the Middle East, Africa and CIS countries. Finished lubes were exported to Oman, Qatar, Yemen, Bahrain, UAE and Nepal .
A world-scale paraxylene/purified terephthalic acid plant (annual capacities: PX - 3,63,000 tonnes, PTA – 5,53,000 tonnes) for polyester intermediates is already in operation at Panipat, while a naphtha cracker with a capacity of 800,000 tonnes of ethylene per annum, 6,00,000 TPA of Propylene, besides an annual production of 3,25,000 TPA of Mono Ethylene Glycol, 1,40,000 TPA of Butadiene, 6,50,000 TPA of Polyethylene and 6,00,000 TPA of Polypropylene, equipped with downstream polymer units is to be completed by December 2009 at Panipat.
A grassroots refinery at Paradip is proposed to be completed by the year 2011-12, subsequently followed by the setting up of an integrated petrochemical plants with an estimated investment of Rs 12,000 crore (US$ 2.5 billion) which will further strengthen the Corporation’s presence in the sector.
IOC is investing Rs. 43,400 crore ($10.8 billion) during the period 2007-12 in augmentation of refining and pipeline capacities, expansion of marketing infrastructure and product quality upgradation as well as in integration and diversification projects. The company and its subsidiaries account for approximately 48% petroleum products market share, 34% national refining capacity and 71% downstream sector pipelines capacity in India. For the year 2008-09, the Indian Oil group sold 62.6 million tonnes of petroleum products, including 1.7 million tonnes of natural gas, and exported 3.64 million tonnes of petroleum products.
It is India's largest commercial enterprise, with a sales turnover of Rs. 2, 85,337 crore -- the highest-ever for an Indian company -- and a net profit of Rs. 2, 950 crore for the year 2008-09. IOC is also the highest ranked Indian company in the prestigious Fortune 'Global 500' listing, having moved up 11 places to the 105th position in 2009.
In petrochemicals, Indian Oil is envisaging an investment of Rs 20,000 crore ($4 billion) by the year 2011-12. Through the world’s largest single-train Linear Alkyl Benzene (LAB) plant with an annual capacity of 1,20,000 tonnes set up at its Gujarat Refinery, the corporation has already captured a significant market share of LAB in India, besides exporting the product to Indonesia, Turkey, Thailand, Vietnam, Norway and Oman.
2010 Master Brand Award 2010 for SERVOIndianOil wins Retail Excellence Award for 4th consecutive yearIndianOil wins Oil & Gas manufacturing Supply Chain Excellence Award
2011 IndianOil wins India Pride AwardIndianOil wins Asian Leadership Award IndianOil wins Customer & Brand Loyalty Award IndianOil wins National Award for Innovative Training Practices
2012 IndianOil bags award at South-East CEO Conclave & Awards 2012 IndianOil wins prestigious Hart Energy AwardIndianOil wins SCOPE Excellence Award 2009-10
2013 Vijayawada BP bags National Safety AwardsEnnore BP and Mayiladuthurai BP bags National Safety AwardBongaigaon Refinery bags National Safety AwardCoimbatore BP bags National Safety AwardPanipat Refinery & Petrochemical Complex bags Safety Innovation Award 2013Mangalore Terminal bags National Safety Council (Karnataka Chapter) Award 2013Haldia Refinery bags Safety Innovation Award 2013NRPL bags Safety Innovation Award 2013NRPL bags Greentech Safety AwardIndianOil’s solar LED lamp wins CII – National Innovative Product Award Haldia Refinery conferred Greentech Safety Award Mathura Refinery bags Greentech Safety Award 2013Bongaigaon Refinery bags Golden Peacock Eco - Innovation AwardMathura Refinery conferred Golden Peacock Environment Management AwardIndianOil's Bongaigaon Refinery conferred ‘Oil & Safety Award 2011-12’ IndianOil bags Liquid Storage (Bunker) Company of the Year award IndianOil receives four PetroFed Awards of ExcellenceIndianOil wins EDGE Award 2012.
-IOC plans capacity expansion at Doimukh depot
-IOCL inks MoU for Rs 5-k cr natural gas terminal in Odisha
2014 -IndianOil conferred SCOPE Meritorious Award for CSR and Responsiveness by the Hon'ble President of India
-IndianOil R&D wins National Awards for Technology Innovation
-IndianOil wins BML Munjal Award for Business Excellence
2015 -Indian Oil Corporation commenced construction work on its proposed 4 MW solar power project at Muttam village in the district.
-IOC inks MoU with Nepal Oil Corporation
2016 -IOC signs agreement to buy stake in Taas-Yuriakh oil field.
-IOC gets USTDA grant for refinery modernisation.
-IOCL board approves expansion of Barauni Refinery.