Indian Oil Corporation

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Indian Oil Corporation

Friday July 30th, 2021  /
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Indian Oil Corporation Limited (IOCL), d/b/a IndianOil, is an Indian government-owned oil and gas corporation. It is under the ownership of Ministry of Petroleum and Natural Gas , Government of India headquartered in New Delhi. It is the largest commercial oil company in the country, with a net profit of ₹43,242 crore (US$6.1 billion) for the financial year 2020-21. It is ranked 2nd in Fortune India 500 list for year 2020 and 151st in Fortune Global 500 list of world’s largest companies in the year 2020. As of 31 March 2020 Indian Oil’s employee strength is 33,498, out of which 17,704 are executives and 15,794 non-executives. It is India’s largest downstream oil company, a turnover of ₹4,87,152 crore and a net profit of 19,313 crore after taxes for the financial year 2019-20.

Indian Oil’s business interests overlap the entire hydrocarbon value-chain, including refining, pipeline transportation, marketing of petroleum products, exploration and production of crude oil, natural gas and petrochemicals.

Indian Oil has ventured into alternative energy and globalisation of downstream operations. It has subsidiaries in Sri Lanka (Lanka IOC), Mauritius (IndianOil (Mauritius) Ltd) and the Middle East (IOC Middle East FZE).

In May 2018, IOCL became India’s most profitable state-owned company for the second consecutive year, with a record profit of ₹21,346 crores in 2017–18, followed by Oil and Natural Gas Corporation, whose profit stood at ₹19,945 crores. In February 2020, the company signed a deal with the Russian oil company Rosneft 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 and adopt world-class emission norms.

In January 2021, sales were registered at all time high of 410,000 barrels of oil per day till 26 January 2021. Delek, Qatar Petroleum, Saudi Aramco are its largest business partners with Abu Dhabi National Oil Company and National Iranian Oil Company signing deals to deliver high production output at end of 2020.

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