Indian Oil Corporation

Indian Oil Corporation Limited (IOCL; d/b/a IndianOil) is an Indian government-owned oil and gas explorer and producer, headquartered in New Delhi.[4] It is a public sector undertaking whose operations are overseen by the Ministry of Petroleum and Natural Gas. Indian Oil is ranked 212th on the Fortune Global 500 list of the world's biggest corporations as of 2021.[5] It is the largest government owned oil corporation[6] in the country, with a net profit of $6.1 billion for the financial year 2020-21.[7] 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 2,775 are women, comprising 8.77% of the total workforce.[8][9][10]

Indian Oil Corporation Limited
IndustryEnergy: Oil and gas
  • Indian Refineries Ltd. (1958)
  • Indian Oil Corporation (1959)
Founded30 June 1959; 63 years ago (30 June 1959)
Area served
India, Sri Lanka, Middle East, Mauritius & Worldwide
Key people
Shrikant Madhav Vaidya (Chairman)[1]
RevenueIncrease 736,730 crore (US$92 billion) (2022)[2]
Increase 33,053 crore (US$4.1 billion) (2022)[2]
Increase 24,491 crore (US$3.1 billion) (2022)[2]
Total assetsIncrease 410,624 crore (US$51 billion) (2022)[2]
Total equityIncrease 133,535 crore (US$17 billion) (2022)[2]
OwnerGovernment of India (51.5%)[3]
Number of employees
33,498 (2021)[2]

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.[11] Indian Oil has ventured into alternative energy and globalisation of downstream operations. It has subsidiaries in Sri Lanka (Lanka IOC),[12] Mauritius (IndianOil (Mauritius) Ltd)[13] and the Middle East (IOC Middle East FZE).[14]


In May 2018, IOCL became India's most profitable government corporation for the second consecutive year, with a record profit of ₹21,346 crores in 2017–18.[15] 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.[16] 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.[17]

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, 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

In March 2022, Apollo Hospitals replaced Indian Oil Corporation in Nifty 50 benchmark index [18]


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 cities of India - Chembur, Mumbai
Indian Oil Petrol Bunk in Basaveshwaranagar, Bangalore at night
An IOCL refinery in Bihar at night
IndianOil aviation fuel tanker in front of Terminal 1D at New Delhi Indira Gandhi International Airport

Business divisionsEdit

There are seven major business divisions in the organization:

  1. Refineries Division[19]
  2. Pipelines Division[20]
  3. Marketing Division[21]
  4. R&D Division[22]
  5. Petrochemicals Division[23]
  6. Exploration & Production (E&P) Division[24]
  7. Explosives and Cryogenics Division[25]

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 [26] refineries with a combined refining capacity of 80.7 million tonnes per year.[27] 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.[28] 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.[29]

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.

Refinery locationsEdit


  • 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
  • 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-Durgapur LPG Pipeline

Foreign subsidiariesEdit

Subsidiaries include:[30]

  • 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.


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

As of 31 March 2021, the company had 31,648 employees, out of which 2,775 were women (8.77%). Its workforce includes 17,762 executives and 13,886 non-executives.[8][31] The attrition rate in Indian Oil is around 1.5%.[32] The company spent ₹96.57 billion on employee benefits during the FY 2016–17.[31]

Listing and shareholdingEdit

Indian Oil's equity shares are listed on the Bombay Stock Exchange and National Stock Exchange of India.[33]

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%)[34] Oil India Limited (5%) and Indian Mutual funds (4%).[35]

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. 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.[36]

Shareholders (as on 31 March 2020)[37] 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 partnershipsEdit

IOC Phinergy Pvt LtdEdit

Indian Oil Corporation (IOC) buys a stake in Phinergy (Israel) for manufacturing, development, and sale of aluminum-air batteries (Al-Air batteries) for electric vehicles. This joint venture is ready to facilitate the development of Al-Air technology by intending to set up a factory in India.[38]


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 Petroleum, Essar Oil and Shell.

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.[39] Petroleum stocks have been transferred from the Indian Oil Corporation to the Oil Industry Development Board (OIDB).[40] The OIDB then created the Indian Strategic Petroleum Reserves Ltd (ISPRL) to serve as the controlling government agency for the strategic reserve.[41]

See alsoEdit


  1. ^ "Shrikant Madhav Vaidya has taken over as the new chairman of Indian Oil Corporation Ltd". Times of India.
  2. ^ a b c d e f "Indian Oil Corporation Ltd. Financial Statements".
  3. ^ "Latest Shareholding Pattern - Indian Oil Corporation Ltd".
  4. ^ Annual report 2017-2018 (PDF). Mumbai: Indian Oil Corporation. Archived (PDF) from the original on 18 October 2016. Retrieved 11 October 2018.
  5. ^ "Fortune Global 500 list". Archived from the original on 7 August 2019. Retrieved 10 August 2021.
  6. ^ Lee, Mordecai; Neeley, Grant; Stewart, Kendra B. (20 July 2021). The practice of government public relations. ISBN 978-1-000-39496-2. OCLC 1263816753.
  7. ^ "Annual Profit". Global500. Retrieved 27 May 2021.
  8. ^ a b Annual Report 2020-21. "Financial Performance : Oil and Energy News". Retrieved 3 September 2021.
  9. ^ "Indian Oil Corporation Ltd Management Discussions". IIFL Securities. Retrieved 27 May 2021.
  10. ^ "Annual Report 2019-20" (PDF). IOC - official website. Indian oil corporation. Retrieved 27 May 2021.
  11. ^ Editorial, Reuters. "${Instrument_CompanyName} ${Instrument_Ric} Profile |". U.S. Retrieved 17 September 2017.
  12. ^ "IndianOil Corporation | Lanka IOC PLC". Archived from the original on 16 September 2017. Retrieved 17 September 2017.
  13. ^ "IndianOil Corporation | IndianOil (Mauritius) Ltd". Archived from the original on 16 September 2017. Retrieved 17 September 2017.
  14. ^ "IndianOil Corporation | Group Companies". Archived from the original on 16 September 2017. Retrieved 17 September 2017.
  15. ^ "IOC most profitable PSU for 2nd yr in a row; displaces ONGC". India Today. 31 May 2018. Archived from the original on 6 June 2018. Retrieved 31 May 2018.
  16. ^ "India's IOC signs annual deal on option to buy crude from Russia's Rosneft". Reuters. 5 February 2020. Retrieved 5 February 2020.
  17. ^ "Indian Oil to supply BS-VI fuels in Telangana from April 1". mint. 12 March 2020.
  18. ^ "Apollo Hospitals replaces IOC in Nifty50 as NSE revises eligibility norms, swaps stocks in key indices".
  19. ^ "Refining : Oil and Gas Technology : IndianOil". Archived from the original on 16 September 2017. Retrieved 18 September 2017.
  20. ^ "Pipelines : Oil and Gas Pipeline : Gas and Oil Energy". Archived from the original on 16 September 2017. Retrieved 18 September 2017.
  21. ^ "Marketing : Oil and Gas Service Companies". Archived from the original on 16 September 2017. Retrieved 18 September 2017.
  22. ^ "R & D Centre : Indian Oil". Archived from the original on 1 July 2017. Retrieved 18 September 2017.
  23. ^ "Petrochemicals : World Class Petrochemicals". Archived from the original on 16 September 2017. Retrieved 18 September 2017.
  24. ^ "Exploration and Production: Oil and Gas Exploration and Production". Archived from the original on 16 September 2017. Retrieved 18 September 2017.
  25. ^ "Exploration and Production: Oil and Gas Exploration and Production". Archived from the original on 16 September 2017. Retrieved 18 September 2017.
  26. ^ "India Oil Corporation nears first deal to export fuel to Bangladesh: Sources". @businessline.
  27. ^ "Indian Oil Corporation". 13th Pipeline Technology Conference. 3 July 2011. Archived from the original on 18 September 2017. Retrieved 17 September 2017.
  28. ^ "Indian Oil sets up India's first electric vehicle charging station". The Hindu BusinessLine. 22 November 2017. Archived from the original on 22 November 2017. Retrieved 23 January 2018.
  29. ^ "National Electric Mobility Mission Plan". Government of India Press Information Bureau. 10 March 2015. Archived from the original on 17 March 2018. Retrieved 17 March 2018.
  30. ^ "IndianOil Group Companies : Oil and Gas Industry". Retrieved 27 May 2021.
  31. ^ a b "IOCL Management Discussions" (PDF). BSE India.
  32. ^ "HighTea Chat Transcript with Mr. Biswajit Roy: GM (HRD), Indian Oil Corporation". Times Jobs. 22 January 2014. Retrieved 26 January 2014.
  33. ^ "Listing Information – Indian Oil Corporation Limited". Economic Times. Archived from the original on 27 February 2014. Retrieved 27 January 2014.
  34. ^[bare URL PDF]
  35. ^ "Share holding pattern 30 September 2018" (PDF). IOC Official website. IOC. Archived (PDF) from the original on 11 October 2018. Retrieved 11 October 2018.
  36. ^ "Indian Oil Corporation | Shareholding Pattern" (PDF). 31 December 2017. Archived (PDF) from the original on 25 February 2018. Retrieved 25 February 2018.
  37. ^ "Indian Oil Corporation | Shareholding Pattern". 31 March 2021.
  38. ^ "IndianOil buys stake in Phinergy of Israel for manufacturing of aluminium-air batteries - ET EnergyWorld".
  39. ^ "Alexander's Gas & Oil Connections – India to build up storage of crude oil". 21 September 2004. Archived from the original on 18 April 2009. Retrieved 26 August 2010.
  40. ^ "Strategic oil reserves to come directly under Govt". The Hindu Business Line. 2 April 2006. Archived from the original on 12 February 2009. Retrieved 26 August 2010.
  41. ^ "'India to form crude oil reserve of 5 mmt'- Oil & Gas-Energy-News By Industry-News-The Economic Times". 20 June 2007. Archived from the original on 11 January 2009. Retrieved 26 August 2010.
  42. ^ "Sonia to lay foundation for Rajiv Gandhi Petroleum Institute in Rae Bareli - TopNews". Archived from the original on 9 May 2018. Retrieved 20 October 2016.

External linksEdit