Indian Oil Corporation

Name: Indian Oil Corporation
Address: New Delhi, India
Rating: 5

Oil And Gas In New Delhi, India

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About Indian Oil Corporation

Indian Oil Corporation Limited (IOCL; d/b/a IndianOil) is an Indian central public sector undertaking under the ownership of the Ministry of Petroleum and Natural Gas, Government of India. It is headquartered in New Delhi. It is a public sector undertaking whose operations are overseen by the Ministry of Petroleum and Natural Gas.

Indian Oil is ranked 142nd on the Fortune Global 500 list of the world's biggest corporations as of 2022. It is the largest government owned oil producer in the country, with a net profit of $6.1 billion for the financial year 2020-21. As of 31 March 2021, Indian Oil's employee strength is 31,648, out of which 17,762 are executives and 13,876 non-executives, while 2,776 are women, comprising 8.77% of the total workforce.

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).

Indian Oil Corporation 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 tonnes 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 for gas.

On 19 November 2017, IOCL, in collaboration with Ola, 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 and Surgutneftegas and Chevron Corporation have been signed for exclusive business plans for supply in Asia with the Indian Oil Company, which are worth 20 billion dollars per year.