Indian Oil Corporation

Indian Oil Corporation Limited (IOCL; d/b/a IndianOil) is an Indian multinational oil and gas company under the ownership of the Ministry of Petroleum and Natural Gas, Government of India. It is 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 94th on the Fortune Global 500 list of the world's biggest corporations as of 2022.[5] It is the largest government owned oil producer[6] in the country both in terms of capacity and revenue.It has consolidated refining capacity of 80.55MMTPA which it intends to increase to 107MMTPA by 2024-25.[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 2,776 are women, comprising 8.77% of the total workforce.[8][9][10]

Indian Oil Corporation Limited
TypeCentral Public Sector Undertaking
ISININE242A01010
IndustryEnergy: Oil and gas
Predecessor
  • Indian Refineries Ltd. (1958)
  • Indian Oil Corporation (1959)
Founded30 June 1959 (30 June 1959)
Headquarters
Area served
India, Sri Lanka, Middle East, Mauritius & Worldwide
Key people
Shrikant Madhav Vaidya (Chairman)[1]
Products
RevenueIncrease ₹955,608.86 crore (US$120 billion) (2023)[2]
Decrease ₹14,175.50 crore (US$1.8 billion) (2023)[2]
Decrease ₹9,792.12 crore (US$1.2 billion) (2023)[2]
Total assetsIncrease ₹441,762.09 crore (US$55 billion) (2023)[2]
Total equityIncrease ₹143,214.34 crore (US$18 billion) (2023)[2]
OwnerMinistry of Petroleum and Natural Gas, Government of India[3]
Number of employees
33,498 (2021)[2]
Divisions
Subsidiaries
Websitewww.iocl.com

Indian Oil's business interests overlap the entire hydrocarbon value chain, including refining, Pipeline, marketing of petroleum products, exploration and production of Petroleum, natural gas and petrochemicals.[11] Indian Oil has ventured into Renewable 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]

History

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]

Operations
World's highest retail outlet (3,740 Mtr. above MSL) under IOCL, located in Kaza, Himachal Pradesh
IOCL Petrol Pump under construction in Khammam
An Indian Oil Fueling Station in Kapsi, Chhattisgarh
An Indian Oil Petrol pump near Dera Bassi in Punjab, India
An Indian Oil fuel truck on its way to Ladakh
A typical IOCL petrol pump in cities of India - Chembur, Mumbai
Indian Oil Petrol Bunk in Basaveshwaranagar, Bangalore at night
IndianOil aviation fuel tanker in front of Terminal 1D at Indira Gandhi International Airport
An IOCL Refinery in Haldia, West Bengal

Business divisions

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 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 [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 locations

Pipelines
  • 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
  • Patna-Motihari-Baitalpur 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-Barauni-Motihari LPG Pipeline
  • Paradip-Somnathpur-Haldia Product Pipeline

Foreign subsidiaries

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.

Employees
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 shareholding

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 51% 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] IOCL's Market cap as of December 2022 was Rs. 1,10,075.05 crore.[37]

Shareholders (as on 31 March 2020)[38]Shareholding
Promoter Group (President of India)51.50%
Central Government0.11%
Foreign Institutional Investors 5.81%
Mutual Funds 4.66%
General Public 6.01%
Financial Institutions 8.32%
Others 23.59%
Total100.0%

Strategic partnerships

IOC Phinergy Pvt Ltd

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.[39]

Competition

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 Board

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.[40] Petroleum stocks have been transferred from the Indian Oil Corporation to the Oil Industry Development Board (OIDB).[41] The OIDB then created the Indian Strategic Petroleum Reserves Ltd (ISPRL) to serve as the controlling government agency for the strategic reserve.[42]

See also

References
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