Indian Oil Corporation
From Freepedia
| Image:IOC logo.jpg | |
| Type | PSU |
| Founded | 1959 |
| Location | India |
| Key people | Sarthak Behuria (Chairman) |
| Industry | Petroleum Products |
| Products | Fuel, LPG, Lubricants |
| Revenue | Image:Green up.png Rs.1,387,361,400,000 (Rs. 138736.14 crores), 2004 |
| Employees | {{{num_employees}}} |
| Website | www.iocl.com |
For alternate meanings, see IOC (disambiguation).
Indian Oil Corporation Limited or IOC is an Indian company. It is India's largest commercial enterprise and the only Indian company to be among the world's top 200 corporations according to Fortune magazine. It is also among the 20 largest petroleum companies in the world.
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History
The Indian Oil Corporation was established in 1959 as Indian Oil Company Limited which was merged with Indian Refineries Limited in 1964 to form IOC as it is known today. Beginning in 1959 as Indian Oil Company Ltd., Indian Oil Corporation Ltd. was formed in 1964 with the merger of Indian Refineries Ltd. (Estd. 1958).
Guwahati Refinery, the first public sector refinery of the country, was built with Romanian collaboration and was inagurated by the first Prime Minister of India, Pandit Jawaharlal Nehru, on January 1, 1962. IndianOil refineries registered a record throughput of 35,300,00 tonnes during the financial year surpassing the previous best of 33,800,000 tonnes in 2001-2002.
IndianOil commissioned India's first product pipeline, the Guwahati - Siliguri pipeline, in 1965. This 435 km pipeline connecting Guwahati Refinery to different installations was designed to carry about 818,000 tonnes of oil per year. As of April 1, 2003 IndianOil operates the country's largest network of 7,170 km of crude and product pipeline.
The IndianOil group of companies owns and operates 10 of India's 18 refineries with a current combined rated capacity of 54,200,000 tonnes per annum or one million barrels per day (bpd) (160,000 m³/d). These include two refineries of subsidiary Chennai Petroleum Corporation Ltd and one of Bongaigaon Refinery and Petrochemicals Limited. IndianOil owns and operates the country’s largest network of cross-country crude oil and product pipelines of 7,575 km, with a combined capacity of 56.85 MMTPA.
Today, IndianOil is the country's largest commercial enterprise, with a sales turnover of Rs. 1,302,030,000,000 (Rs. 1,30,203 crore or US$29.8 billion) and profits of Rs. 70,050,000,000 (Rs. 7,005 crore or US$1.603 billion) for fiscal 2003.
IndianOil is also India’s No.1 Company in Fortune's prestigious listing of the world's 500 largest corporations, ranked 189 for the year 2004 based on fiscal 2003 performance. It is also the 19th largest petroleum company in the world. IndianOil has also been adjudged No.1 in petroleum trading among the national oil companies in the Asia-Pacific region, and is ranked 325th in the current Forbes' "Global 500" listing of the largest public companies.
Countrywide network
IndianOil’s countrywide network of over 22,000 sales points is backed for supplies by its extensive, well spread out marketing infrastructure comprising 167 bulk storage terminals, installations and depots, 94 aviation fuelling stations and 87 LPG bottling plants. Its subsidiary, IBP Co. Ltd, is a stand-alone marketing company with a nationwide network of over 3,000 retail sales points.
For the year 2003-04, IndianOil sold 48,600,000 tonnes of petroleum products, including exports of 1,810,000 tonnes. Its seven own refineries achieved a throughput of 37,660,000 tonnes, and the pipeline network transported 44,500,000 tonnes of crude oil and petroleum products.
IndianOil reaches Indane cooking gas to the doorsteps of 37.5 million households in over 2,000 markets through the country's largest network of 4,350 distributors. The country's leading SERVO brand lubricants from IndianOil, with over 42% market share and 450 grades, are sold through more than 9,100 Company retail outlets, besides a countrywide network of bazaar traders.
IndianOil's ISO-9002 certified Aviation Service, with 67% market share, meets the fuel and lubricants needs of domestic and international flag carriers, Defence Services and private aircraft operators.
Pioneering R&D
IndianOil's world-class R&D Centre has won recognition for its pioneering work in lubricants formulation, refinery processes, pipeline transportation and alternative fuels. It has developed over 2,100 formulations of SERVO brand lubricants and greases for virtually all conceivable applications - automotive, railroad, industrial and marine— meeting stringent international standards and bearing the stamp of approval of all major original equipment manufacturers. A wholly owned subsidiary company, IndianOil Technologies Ltd., is commercialising the innovations and technologies of the Centre, which has over 140 national and international patents to its credit. Apart from leadership in development and commercialisation of bio-fuels, the R&D Centre is currently the nodal agency of the hydrocarbon sector in India for ushering in Hydrogen fuel in the country.
Future plans
IndianOil is also strengthening its existing overseas marketing ventures and simultaneously scouting new opportunities for marketing and export of petroleum products to new energy markets in Asia and Africa. Two wholly owned subsidiaries are already operational in Sri Lanka and Mauritius, and a regional office at Dubai is coordinating expansion of business activities in Middle East region. Within an year of incorporation, Lanka IOC Pvt. Ltd. (LIOC) has captured a 25% market share in Sri Lanka, with a target to take it to about 40% in the near future. IndianOil is investing US$18,000,000 in Mauritius through its subsidiary, Indian Oil Mauritius Ltd. (IOML), to set up a range of marketing infrastructure there.
The Corporation has launched 11 joint ventures in partnership with some of the most respected corporates from India and abroad — Lubrizol, NYCO, Petronas, Oiltanking GmbH, Marubeni, to name a few. SERVO lubricants are being marketed in Dubai, Nepal, Bhutan, Kuwait, Malaysia, Bahrain, Indonesia, Sri Lanka, Kyrgyzstan, Mauritius, Bangladesh, etc.
IndianOil has been lending its expertise for nearly two decades to various countries in several areas of refining, marketing, transportation, training and research & development. These include Sri Lanka, Kuwait, Bahrain, Iraq, Abu Dhabi, Tanzania, Ethiopia, Algeria, Nigeria, Nepal, Bhutan, Maldives, Malaysia and Zambia.
IndianOil's sincere commitment to Quality, Safety, Health and Environment is reflected in the series of national and international certifications and awards (current ones listed separately) earned over the years.
The 19th largest petroleum company in the world, IndianOil is well on its way to becoming an integrated, transnational energy corporation.
External links
Categories: Companies traded on the Bombay Stock Exchange | Companies of India | Oil companies | Fortune 500 companies
