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Indian Oil Corporation Ltd (IOCL) is India's flagship national oil company with business interests straddling the entire hydrocarbon value chain - from refining, pipeline transportation and marketing of petroleum products to exploration & production of crude oil & gas, marketing of natural gas and petrochemicals. The company is the leading Indian corporate in the Fortune 'Global 500' listing, ranked at the 168th position for the year 2017. IOCL is a public sector undertaking. Government of India held 56.98% stake in IOCL as on 31 December 2017.

The company's operations include refineries, pipelines and marketing. Their portfolio of brands includes Indane LPGas, SERVO lubricants, XTRAPREMIUM petrol and XTRAMILE diesel and Propel Petrochemicals. In exploration and production, Indian Oil's domestic portfolio includes 11 oil and gas blocks and two coal bed methane blocks while the overseas portfolio consists of 10 blocks spread across Libya, Iran, Gabon, Nigeria, Timor-Leste, Yemen and Venezuela.

Indian Oil Corporation Ltd was established in the year 1959 as Indian Oil Company Ltd. In the year 1964, Indian Refineries Ltd merged with Indian Oil Corporation Ltd. Indian Oil Blending Ltd a wholly owned subsidiary was merged with Indian Oil on May 2006. The company transferred their entire equity holding in Indian Strategic Petroleum Reserves Ltd (ISPRL) to the Oil Industry Development Board, a government body functioning under the Ministry of Petroleum & Natural Gas. Consequently, ISPRL ceased to be a wholly owned subsidiary in May 2006.

The company formed one subsidiary company, namely IOC Middle East FZE, in Jebel Ali Free Trade Zone Dubai, with the objective of marketing lubricants and other petroleum products in Middle East, Africa and CIS regions. In June 2006, they incorporated a joint venture company namely, Indo-Cat Pvt Ltd with Intercat.Inc of USA for manufacture and marketing of FCC catalysts and additives.

In the year 2007, the company received plenty of awards, Oil Industry Safety Directorate Awards, 'Most Admired Retailer of the Year' award, 'CIO 100 Award 2007', SAP ACE - Awards for Customer Excellence and the only petroleum company as 'The Most Trusted Brand' in ET's Brand Equity's annual survey. The SERVO acquires prestigious MAN Global approvals, Indian Oil's R&D Centre gets special recognition for Bioremediation and also SERVO secures entry into NSF White Book - H1 Category during the period. The company won Retailer of the Year - Rural Impact Award and their XtraPower won Loyalty Summit Award during the year 2008.

In January 2008, the company and Hindustan Unilever Ltd (HUL) signed an MoU for setting up Kwality Walls Kiosks at select Indian Oil petrol stations across the country. Also, the company entered into an MoU with Transparency International India (TII) for implementing an Integrity Pact Programme focused on enhancing transparency in their business transactions, contracts and procurement processes. In April 2008, the company launched 'LNG at Doorstep' facility at the Pen unit of H&R Johnson, the facility, first of their kind in the country, which are primarily aimed at catering to the needs of Liquefied Natural Gas (LNG) customers who are not located on the main natural gas pipelines. The company was conferred with the 'Maharatna' status by the Government of India which provides enhanced autonomy and larger flexibility for its operation.

During the year 2009-10, the company commissioned 238 new retail outlets and 414 Kisan Seva Kendra (KSK) outlets taking their total tally to 18,643. The company's Indane LPG brand earned the coveted status of 'Superbrand'. On the lines of KSK, the Rajiv Gandhi Grameen LPG Vitarak Yojana was launched to penetrate rural markets.

During the year, the company was granted the Petroleum Exploration License for one of the two Type-S blocks in Cambay basin for which it is the operator. Upon getting the license, exploration activities were initiated in the block. The company was awarded a project for the development, extraction, upgradation and marketing of heavy oil in Carabobo heavy oil region of Venezuela in consortium with Repsol, Petronas, ONGC Videsh Ltd. and Oil India Ltd.

During the year 2010-11, the company enrolled about 46.8 lakh new Indane LPG customers and commissioned 245 new Indane distributors taking their total to 618.3 lakh and 5,311 respectively. The LPG Bottling capacity was enhanced to 5,518 TMTPA with capacity addition of 326 TMT. In order to provide LPG to rural India, the company commissioned 145 distributors under the Rajiv Gandhi Gramin LPG Vitaran Yojana under the auspices of Ministry of Petroleum & Natural Gas. As a part of their CSR activity, 10,052 new connections were released to BPL families.

During the year, the company formed a joint venture company was formed with Nuclear Power Corporation of India Ltd (NPCIL) for setting up Nuclear power plants. In July 2010, the company commissioned their first gas pipeline between Dadri and Panipat and thus they commenced gas supplies to Panipat Refinery. The company in consortium with GSPC, HPCL and BPCL won gas pipeline bids for Mallavaram to Bhilwara and Vijaypur via Bhopal, Mehsana to Bhatinda and Bhatinda to Jammu and Srinagar.

In 2012 Oil India Limited (OIL) and Indian Oil Corporation (IOCL) jointly acquired a stake in Carrizo's liquid rich shale assets in the Niobrara basin in Colorado, USA. Indian Oil (IOC) also launched a new engine oil SERVO 4T SYNTH with advanced synthetic chemistry, for use by two-wheelers. Petroleum & Natural Gas and Corporate Affairs launched IOCL's Mobile Healthcare Scheme, a Corporate Social Responsibility (CSR) initiative of IOCL. Indian Oil Corporation's (IOCL) Rural Mobile Health Scheme (Sachal Swasthya Seva), launched as part of its corporate social responsibility (CSR) agenda, was formally inaugurated on all-India basis.

In 2013 IOC planned for capacity expansion at Doimukh depot and also IOCL inked MoU for Rs 5-k cr natural gas terminal in Odisha

In 2014 IOCL conferred SCOPE Meritorious Award for CSR and Responsiveness by the Hon'ble President of India. IOCL R&D also wins National Awards for Technology Innovation -IOCL wins BML Munjal Award for Business Excellence

In 2015 Indian Oil Corporation commenced construction work on its proposed 4 MW solar power project at Muttam village in the district. IOC also inked MoU with Nepal Oil Corporation.

The Board of Directors of IOCL at its meeting held on 29 January 2015 approved the laying of Paradip-Hyderabad product pipeline at an estimated cost of Rs 2789 crore. The board also approved construction of 0.6 MMTPA LPG Import Facility at Paradip and augmentation of Paradip-Haldia-Durgapur LPG pipeline.

The Board of Directors of IOCL at its meeting held on 13 February 2015 approved the setting up of Ethylene Glycol Project alongwith associated facilities at Paradip at an estimated project cost of Rs 3752 crore. The project would help in consolidating the Glycol business of the company by producing low cost Mono Ethylene Glycol based on FCC off gas. The board also approved construction of dedicated Naphtha pipeline from Jaipur to Panipat alongwith augmentation of Koyali-Sanganer product pipeline at an estimated cost of Rs 890 crore. The pipeline would help in meeting the Naphtha requirement of IOCL's Naphtha Cracker Complex at Panipat.The board also approved implementation of project for 100% BS-IV compliant MS and HSD production facilities at Gujarat refinery at an estimated cost of Rs 1843 crore. The board also approved implementation of project for 100% BS-IV compliant MS and HSD production facilities at Barauni refinery at an estimated cost of Rs 1327 crore.

On 27 April 2015, IOCL announced that it has started the process of commissioning its 15 MMTPA state-of-the-art Paradip refinery. On 24 November 2015, IOCL announced that the first consignment of products from its Paradip refinery comprising of High Speed Diesel, Superior Kerosene and Liquefied Petroleum Gas was dispatched on 22 November 2015.

The Board of Directors of IOCL at its meeting held on 13 August 2015 approved investment of Rs 1000 crore in Non-convertible Cumulative Redeemable Preference Shares to be issued by Chennai Petroleum Corporation Limited (subsidiary of IOCL) on private placement preferential allotment basis.

On 21 August 2015, Government of India announced notice of Offer for Sale (OFS) of 24.27 crore equity shares of IOCL aggregating to 10% of the total paid up equity share capital of the company through the separate window provided by the stock exchanges for this purpose. The floor price for the OFS was set at Rs 387.

On 31 December 2015, Indian Oil Corporation announced that it has entered into a binding Gas Sale and Purchase Agreement (GSPA) with Petronet LNG Limited (PLL) for procurement of an additional quantity of 0.3 MMTPA of RLNG with effect from January 2016. This is in addition to the existing long term GSPA of 2.25 MMTPA, which was executed in September 2003.

The Board of Directors of IOCL at its meeting held on 29 August 2016 recommended issue of bonus shares in the ratio of 1:1.

The Board of Directors of IOCL at its meeting held on 29 September 2016 accorded in-principle approval for expansion of the refining capacity of Barauni, Bihar refinery from 6 MMTPA to 9 MMTPA alongwith downstream Polypropylene unit at an estimated cost of Rs 8287 crore. The board also gave in-principle approval for implementation of Olefin Recovery Project alongwith expansion of existing Naphtha Cracker Unit, MEG revamp and Benzene Expansion Unit modifications at Panipat at an estimated cost of Rs 1527 crore.

Indian Oil Corporation Limited (IOCL), Oil India Limited (OIL) and Bharat PetroResources Limited (BPRL), through a joint venture company formed by their wholly-owned subsidiaries in Singapore, completed two transactions on 5 October 2016 viz., acquisition of 23.9% shares of the charter capital of JSC Vankorneft, a company organised under the laws of the Russian Federation, which is the owner of Vankor and North Vankor Field licenses, from Rosneft Oil Company (Rosneft), a National Oil Company of Russia, and acquisition of 29.9% of the participatory share in the charter capital of LLC Taas Yuryakh Neftegazodobycha (TYNGD), from LLC RN Razvedka I Dobychya, a wholly-owned subsidiary of Rosneft.

The definitive agreements for the Vankor transaction were signed in June 2016 and for the Taas transaction in March 2016. In JSC Vankorneft, post-closing of transactions, Rosneft will hold about 61.1% shares and ONGC Videsh Ltd (through its subsidiary) will hold the remaining 15%. In TYNGD, post-closing of the transaction, Rosneft (through subsidiary) will hold about 50.1% share and BP (through subsidiary) will hold the remaining 20% share. Vankor field, located in East Siberia is Russia's second largest field by production and accounts for around 4% of Russian production. In 2015, the Vankor field produced 22 million tonnes of oil and 8.71 BCM of gas. TYNGD is expected to ramp up the production of crude oil to 5 million tonnes by 2021.

Indian Oil Corporation Ltd. (IOCL), NTPC Ltd., Coal India Ltd. (CIL), Fertilizer Corporation of India Ltd. (FCIL) and Hindustan Fertilizer Corp. Ltd. (HFCL) signed a Supplemental Joint Venture Agreement on 31 October 2016 for IOCL, FCIL and HFCL joining the Joint Venture Company Hindustan Urvarak and Rasayan Ltd. (HURL), which had been formed by NTPC and CIL for revival of the fertiliser plants at Gorakhpur, Sindri and Barauni. Each of these plants will have 1.27 million tons per year Urea production capacity. With the execution of the Supplemental JVA, the equity participation of IOCL, NTPC and CIL in HURL will be 29.67% each (total 89.01%) and the balance 10.99% will be by FCIL (7.33%) and HFCL (3.66%).

Indian Oil Corporation Ltd., Bharat Petroleum Corporation Ltd. and Hindustan Petroleum Corporation Ltd. signed a Consortium Agreement on 7 December 2016 to carry out pre-project activities for setting up of West Coast Refinery and a Petrochemical Project of approximately 60 Million Metric Tonnes Per Annum (MMTPA) capacity in Maharashtra through a Joint Venture Company.

On 17 March 2016, IOCL announced that it has signed an agreement with 3M India Ltd. for setting up 3M auto care centres at IOCL's retail fuel outlets. The auto care centres will be operated by the franchisees appointed by 3M India Ltd.

On 25 May 2017, IOCL announced that the company registered record annual net profit of Rs 19106 crore for the financial year 2016-17 as compared to a profit of Rs 11242 crore for the financial year 2015-16.

On 16 June 2017, IOCL announced that it has successfully rolled out daily price revision of petrol and diesel across the country through its network of 26,000-plus petrol pumps.

On 10 July 2017, IOCL and carbon recycling company LanzaTech signed a Statement of Intent to construct the world's first refinery off gas-to-bioethanol production facility in India.

On 24 July 2017, IOCL announced that it was ranked 168th in the Fortune 'Global 500' listing for 2017. IOCL was the only Indian company in top 200 in the prestigious list.

The Board of Directors of IOCL at its meeting held on 3 August 2017 accorded first stage approval for the expansion of Gujarat refinery capacity by 4.3 Million Metric Tonnes Per Annum (MMTPA) to 18 MMTPA at an estimated cost of Rs 15034 crore. The board also gave first stage approval for installation of 2nd Catalytic De-waxing unit at Haldia refinery at an estimated cost of Rs 1126 crore. The unit would produce Grade-II & III Lube Oil base stock. The board also gave first stage approval for installation of Ethanol Plant using Gas Fermentation Technology of M/s. LanzaTech USA at Panipat refinery at an estimated cost of Rs 441 crore. The board also approved acquisition of up to 50% equity stake in GSPL LNG Ltd., which is setting up a 5-MMTPA LNG Terminal at Mundra Port in Gujarat.

On 19 August 2017, IOCL announced that the contentious issue of VAT deferment on products produced by the company's Paradip refinery in Odisha and sold in the state has been resolved.

IOCL commenced production of gas and condensate from Dirok field in Assam on 26 August 2017, marking advent of its first domestic exploration asset maturing from exploration stage to a producing asset. IOCL holds 29.03% participating interest in the block, located near Digboi in Assam, along with Hindustan Oil Exploration Company (HOEC 26.88%, Operator) and Oil India Limited (OIL 44.08%, Licensee).


On 19 November 2017, IOCL in collaboration with Ola launched the country's first electric charging station at its fuel station at RBI Square, Nagpur.

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Flash News 08-Dec-2022
  •  ( 17:42) HUL forays in health & wellbeing category  
  •  ( 16:26) Bank stocks outperform as Nifty Bank hits record high  
  •  ( 16:26) Barometers end near the day's high after volatile session  
  •  ( 15:42) Ashok Leyland appoints Shenu Agarwal as CEO  
  •  ( 15:40) Trent to sell 3.22% in Tata Unistore to Tata Digital  
  •  ( 15:30) Kalpataru Power board OKs NCD issue of Rs 99 cr  
  •  ( 13:08) Kalyan Jewellers to expand retail footprint by over 30% in CY23  
  •  ( 12:34) Barometers turn range bound; Nifty hovers below 18,600; VIX down 1.91%  
  •  ( 12:09) Dredging Corporation bags reclamation dredging contract from NRL  
  •  ( 11:53) Talbros Automotive bags order worth Rs 60 crore  
  •  ( 11:13) Sun Pharma Gujarat plant gets import alert from USFDA  
  •  ( 11:09) Macrotech Developers launches QIP issue  
  •  ( 10:26) VA Tech Wabag appoints Pankaj Malhan as deputy MD & group CEO  
  •  ( 10:22) Dharmaj Crop Guard lists at Rs 266 v/s IPO price Rs 237  
  •  ( 10:12) Tvs Motor arm acquires entire stake in German co  
  •  ( 09:54) JSW Steel crude steel production jumps 16% YoY in November  
  •  ( 09:50) Eveready Inds appoints Bibek Agarwala as CFO  
  •  ( 09:39) HCL Tech tie-up with Intel and Mavenir to deliver 5G enterprise solutions  
  •  ( 09:30) Market breadth strong  
  •  ( 09:30) Barometers trade with minor cuts  
  •  ( 08:38) Most Asian stocks trading lower  
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08 December 2022 00:00
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