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Indian Oil Corporation

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Indian Oil Corporation Limited (IOCL), commonly known as IndianOil is an Indian state government owned oil and gas company headquartered in New Delhi.[4] It is the largest commercial oil company in the country, with a net profit of INR 19,106 crore (USD 2,848 million) for the financial year 2016–17.[5] It is ranked 1st in Fortune India 500 list for year 2016[6] and 137th in Fortune's ‘Global 500’ list of world's largest companies in the year 2018.[7] As of 31 March 2017 IndianOil's employee strength is 33,135, out of which 16,545 are in the officer cadre.[8] It is India's largest downstream oil company, with a work force of more than 33,000 employees, a turnover of Rs. 506,428 crore and a net profit of Rs. 21,346 crore in 2017-18.[9]

Indian Oil Corporation Limited
State owned organization
Traded as
IndustryOil and Gas
PredecessorIndian Refineries Ltd. (1958)
Indian Oil Company (1959)
Founded30 June 1959; 60 years ago (30 June 1959)
HeadquartersNew Delhi, India (headquarters)
Mumbai, Maharashtra (registered office)
Area served
India, Sri Lanka, Middle East, Mauritius
Key people
Sanjiv Singh (Chairman)[1]
Natural gas
RevenueIncrease 605,924 crore (US$88 billion) (2019)[2]
Increase 36,952 crore (US$5.3 billion) (2019)[2]
Increase 16,894 crore (US$2.4 billion) (2019)[2]
Total assetsIncrease 335,155 crore (US$48 billion) (2019)[2]
Total equityIncrease 114,346 crore (US$17 billion) (2019)[2]
OwnerGovernment of India (52.1%)[3]
Number of employees
33,498 (2019)[2]
SubsidiariesIndianOil (Mauritius) Ltd.
IOC Middle East FZE
Indane (LPG)

IndianOil'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.[10]

IndianOil has ventured into alternative energy and globalization of downstream operations. It has subsidiaries in Sri Lanka (Lanka IOC),[11] Mauritius (IndianOil (Mauritius) Ltd)[12] and the Middle East (IOC Middle East FZE).[13]

In May 2018, IOCL become India's most profitable state-owned company for the second consecutive year, with a record profit of ₹21,346 crore in 2017-18, followed by Oil and Natural Gas Corporation, whose profit stood at ₹19,945 crore.[14]


World's highest retail outlet, Kaza, Himachal Pradesh
IOCL Petrol Pump under construction in Khammam
An Indian Oil fuel truck on way to Ladakh
A typical IOCL petrol pump in suburban India - Chembur, Mumbai
An IOCL refinery in Bihar at night
An Indian Oil tanker in front of terminal 1C of Chhatrapati Shivaji International Airport

Business DivisionsEdit

There are 7 major Business Divisions in the organization:

  • Refineries Division[15]
  • Pipelines Division[16]
  • Marketing Division[17]
  • R&D Division[18]
  • Petrochemicals Division[19]
  • Exploration & Production (E&P) Division[20]
  • Explosives and Cryogenics Division[21]

Products and servicesEdit

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 MMTPA (million metric tonnes per annum).[22] Indian Oil's cross-country pipeline network, for transportation of crude oil to refineries and finished products to high-demand centers, spans over 13,000 km The company has a throughput capacity of 80.49 MMTPA for crude oil and petroleum products and 9.5 MMSCMD for gas. On 19 November 2017, IOC, in collaboration with Ola, launched India’s first electric charging station at one of its petrol-diesel stations in Nagpur.[23] 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.[24]

Refinery locationsEdit


Foreign subsidiariesEdit

  • IndianOil (Mauritius) Ltd.
  • IOC Middle East FZE


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

As of 31 March 2017, the company had 33,135 employees, out of which 2735 were women (8.25%). Its workforce includes 16,545 officers.[25] The attrition rate in Indian Oil is around 1.5%.[26] The company incurred INR 96.57 Billion on employee benefits during the FY 2016–17.[25]

Listing and shareholdingEdit

Indian Oil's equity shares are listed on the Bombay Stock Exchange and National Stock Exchange of India.[27]

As of September 2018, it was owned 57% by the Government of India (through the President of India), and 43% by other entities. The latter included corporate bodies (20%), ONGC (14%), LIC (6%), Foreign portfolio investors (6%), Oil India Limited (5%) and Indian Mutual funds (4%).[28]

This was similar to its shareholding in 2017. As of 31 December 2017, the Promoters Government of India held approx. 56.98% of the shares in Indian Oil Corporation. Public held the rest 43.02% of the shares - this includes Mutual Fund Companies, Foreign Portfolio Investors, Financial Institutions/ Banks, Insurance Companies, Individual Shareholders and Trusts.[29]

Shareholders (as on 31-December-2017)[30] Shareholding
Promoter Group (Government of India) 56.98%
Public 43.02%
Total 100.0%


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

Oil Industry Development BoardEdit

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.[31] Petroleum stocks have been transferred from the Indian Oil Corporation to the Oil Industry Development Board (OIDB).[32] The OIDB then created the Indian Strategic Petroleum Reserves Ltd (ISPRL) to serve as the controlling government agency for the strategic reserve.[33]

See alsoEdit


  1. ^ PTI (1 June 2017). "Sanjiv Singh takes over as IOC Chairman". The Hindu Business Line. Retrieved 18 September 2017.
  2. ^ a b c d e f "Financial Statement – Indian Oil Corporation Limited 2019" (PDF). Indian Oil Corporation Limited. Retrieved 31 March 2019.
  3. ^ "Indian Oil Corp.: Holding details". NDTV. Retrieved 19 June 2019.
  4. ^ Annual report 2017-2018 (PDF). Mumbai: Indian Oil Corporation. Retrieved 11 October 2018.
  5. ^ "Fortune Global 500 List (India)". Golbal500. Retrieved 26 May 2017.
  6. ^ "Indian Oil - Fortune 500 List 2016 - Fortune India". Retrieved 17 September 2017.
  7. ^ "Indian Oil". Fortune. Retrieved 17 September 2017.
  8. ^ "Indian Oil Corporation :: RTI Information Manual". Retrieved 17 September 2017.
  9. ^ "Who we are - Indian oil at a glance". IOC - official website. Indian oil corporation. Retrieved 11 October 2018.
  10. ^ Editorial, Reuters. "${Instrument_CompanyName} ${Instrument_Ric} Profile |". U.S. Retrieved 17 September 2017.
  11. ^ "IndianOil Corporation | Lanka IOC PLC". Retrieved 17 September 2017.
  12. ^ "IndianOil Corporation | IndianOil (Mauritius) Ltd". Retrieved 17 September 2017.
  13. ^ "IndianOil Corporation | Group Companies". Retrieved 17 September 2017.
  14. ^ "IOC most profitable PSU for 2nd yr in a row; displaces ONGC". India Today. 31 May 2018.
  15. ^ "Refining : Oil and Gas Technology : IndianOil". Retrieved 18 September 2017.
  16. ^ "Pipelines : Oil and Gas Pipeline : Gas and Oil Energy". Retrieved 18 September 2017.
  17. ^ "Marketing : Oil and Gas Service Companies". Retrieved 18 September 2017.
  18. ^ "R & D Centre : Indian Oil". Retrieved 18 September 2017.
  19. ^ "Petrochemicals : World Class Petrochemicals". Retrieved 18 September 2017.
  20. ^ "Exploration and Production: Oil and Gas Exploration and Production". Retrieved 18 September 2017.
  21. ^ "Exploration and Production: Oil and Gas Exploration and Production". Retrieved 18 September 2017.
  22. ^ Anonymous (3 July 2011). "Indian Oil Corporation". 13th Pipeline Technology Conference. Retrieved 17 September 2017.
  23. ^ "Indian Oil sets up India's first electric vehicle charging station". The Hindu BusinessLine. 22 November 2017.
  24. ^ "National Electric Mobility Mission Plan". Government of India Press Information Bureau. 10 March 2015. Retrieved 17 March 2018.
  25. ^ a b "IOCL – Annual Report 2012-13" (PDF). BSE India. Retrieved 26 January 2014.
  26. ^ "HighTea Chat Transcript with Mr. Biswajit Roy: GM (HRD), Indian Oil Corporation". Times Jobs. 22 January 2014. Retrieved 26 January 2014.
  27. ^ "Listing Information – Indian Oil Corporation Limited". Economic Times. Retrieved 27 January 2014.
  28. ^ "Share holding pattern 30 September 2018" (PDF). IOC Official website. IOC. Retrieved 11 October 2018.
  29. ^ "Indian Oil Corporation | Shareholding Pattern" (PDF). 31 December 2017. Retrieved 25 February 2018.
  30. ^ "Indian Oil Corporation | Shareholding Pattern" (PDF). 31 December 2017. Retrieved 25 February 2018.
  31. ^ "Alexander's Gas & Oil Connections – India to build up storage of crude oil". 21 September 2004. Retrieved 26 August 2010.
  32. ^ "Strategic oil reserves to come directly under Govt". The Hindu Business Line. 2 April 2006. Retrieved 26 August 2010.
  33. ^ "'India to form crude oil reserve of 5 mmt'- Oil & Gas-Energy-News By Industry-News-The Economic Times". 20 June 2007. Retrieved 26 August 2010.
  34. ^ "Sonia to lay foundation for Rajiv Gandhi Petroleum Institute in Rae Bareli - TopNews".

External linksEdit