Indian Oil Corporation (IOC) is India's flagship Maharatna national oil company with business interests straddling entire hydrocarbon value chain from refining, pipeline transportation and marketing of petroleum products to exploration & production of crude oil & gas, petrochemicals, gas marketing, alternative energy sources and globalization of downstream operations.
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.
The Promoter of the Company, i.e., the President of India, was holding 491,21,49,459 equity shares, constituting 52.18% of the total equity share capital, as on April 1, 2019. The President, acting through the MoP&NG, disinvested 6,40,16,281 shares during July 2019 in favour of CPSE ETF (an exchange traded fund comprising 11 stocks managed by Reliance Nippon Life Asset Management Company). Thereby, the holding of the President of India got reduced to 484,81,33,178 equity shares, constituting 51.50% of the paid-up equity share capital of the Company.
During the year 2019-20, the Company commissioned the Motihari - Amlekhganj products pipeline, the first transnational pipeline of the country, in July, 2019. For the first time in India, the first batch of 10% ethanol - blended petrol was pumped through the Mathura - Tundla pipeline in April, 2019. Subsequently, the same was carried out in the Mathura - Delhi pipeline in October, 2019 and in Mathura - Bharatpur pipeline in February, 2020.
During the year 2019-20, the country's first Compressed Bio-Gas dispensing station was commissioned by the Company in Pune, followed by another station in Kolhapur. As a part of Company's plan to foray into alternative energy segment, 54 battery charging / swapping stations were also set up in partnership with various companies. It commissioned new automated bulk storage terminals at Una (Himachal Pradesh) and Doimukh (Arunachal Pradesh) during the year. In addition, new LPG bottling plants were commissioned at Bhatinda (Punjab), Banka (Bihar) and Tirunelveli (Tamil Nadu) to improve turnaround of LPG cylinders. It commissioned 524 new LPG
distributorships, taking their total number to 12,450. It commissioned the 700-KTA Polypropylene (PP) plant at Paradip in July 2019. As on March 31, 2020, 54 battery charging / swapping stations have been installed at its various retail outlets.
During the year 2019-20, a new Joint Venture Company, viz., IHB Private Limited, between the Company, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited was incorporated in July, 2019 for the purpose of laying, building, operating or expanding an LPG pipeline from Kandla (Gujarat) to Gorakhpur (UP). An agreement was signed by the Company's wholly-owned
subsidiary (WOS), IOC Middle East FZE, Dubai, UAE, with Qatrat Naft LLC, a WOS of Al-Jeri Transportation Co., Saudi Arabia, for the formation of a joint venture company to develop and operate a retail network in Saudi Arabia.
In 2021, India's first batch of the premium gasoline XP100 was produced from the Mathura Refinery using high octane streams from in-house researched and developed Octamax technology. During the year, 16 new crude oil grades were included in the Company's basket increasing its size to 201 crudes. It commissioned a new, INDMAX and Prime-G unit at Bongaigaon (Assam), a new NHT and
CCRU unit at Barauni (Bihar), new DHDT units at the Haldia Refinery (West Bengal) and new DHDT and HGU units at its Panipat and Gujarat refineries for improving the bottom line and efficiency of the refineries. It commissioned a 337 Km pipeline during the year 2021. Apart from commissioning of the Durgapur-Banka (193 Km) section of the Paradip-Haldia- Durgapur LPG pipeline project and the Ramanathapuram-Tuticorin section (143.5 Km) of the Ennore-Thiruvallur-Bengaluru-Puducherry-Nagapattinam-Madurai-Tuticorin
natural gas pipeline, capacity augmentation of the Panipat-Bhatinda pipeline was also completed during the year. It commissioned 3,000 retail outlets (ROs), which was the highest ever by any Oil Marketing Company. To promote alternative fuels, Company added 310 new CNG, 17 Compressed Biogas (CBG), 205 electric vehicle (EV) charging and 27 battery swapping stations during the year. As
of the close of the year, the Company was operating 1,059 CNG, 21 CBG, 257 EV charging and 29 battery swapping stations in the country. India's first super premium petrol, XP100, with an octane value of 100 was launched by the Company during the year. Subsequently, in May 2021, XP95 (95 Octane Premium Petrol) was launched to enable automobile manufacturers accelerate
automobile development. It commissioned 293 new LPG distributorships, taking their total number to 12,726. During the year, Indane XtraTej, differentiated LPG with nanoadditives for enhanced performance, was launched. The 5-kg cylinder, rebranded as Chhotu, was a big fillip to brand Indane. In addition, Indane composite cylinders were launched in 5 kg and 10 kg units to offer a new-age and lightweight LPG cylinder to customers. It commissioned the 1.2 MMTPA grassroots IndeDiesel unit at Haldia Refinery producing onspec BS-VI diesel. During the year, the company solarised 1658 retail outlets (ROs). As on 31 March, 2021, 18336 of IndianOil's ROs were
powered by solar power systems with cumulative installed capacity of 102.4 MW.
During the year 2022, Company commissioned 2521 retail outlets, 435 CNG stations and eight CBG stations, consistently building a formidable network infrastructure totaling to 34559 retail outlets, 1488 CNG stations and 26 CBG stations, spreading its reach further for the benefit of customers and business at large.
During year 2022, 106 km long Dahej - Koyali refinery R-LNG pipeline was commissioned and the Chennai - Trichy - Madurai product
pipeline was augmented from existing 2.3 MMTPA to 3.9 MMTPA.
During 2021-22, the Company acquired 49% equity stake in Paradeep Plastic Park Ltd., a company established for development and implementation of Paradeep Plastic Park project. Odisha Industrial Development Corporation holds the balance 51% equity in the company. The Company had ventured into setting up fertiliser plants at Barauni (Bihar), Gorakhpur (U.P.) and Sindri (Jharkhand)
through a joint venture company, Hindustan Urvarak and Rasayan Ltd., in partnership with National Thermal Power Corporation Ltd., Coal India Ltd., Fertilizer Corporation of India Ltd. and Hindustan Fertilizer Corporation Ltd. While the plant at Gorakhpur has been commissioned in May 2022.
During the year 2022, the Company established Bharat Energy Office, a Limited Liability Company (LLC) in Russia, with 20% participation, through its wholly owned subsidiary, IOCL Singapore Pte. Ltd (ISPL). A Joint Venture Company named Beximco IOC Petroleum & Energy Ltd.' (BIPEL) between IOC Middle East FZE, Dubai, a wholly owned subsidiary of the Company and RR Holdings Ltd., Ras-Al-Khaimah with equity holding of 50% each, was formed in Bangladesh. It signed a lease deed between Govt. of Sri Lanka, Ceylon Petroleum Corporation (CPC) and Lanka IOC PLC, a Subsidiary of IndianOil in Sri Lanka on January 6, 2022 for Trincomalee Tank Farm along-with the Modalities & JV agreements. It commissioned a 5 TPD cattle dung-based Biogas plant at Gorakhpur, Uttar Pradesh. It acquired a 4.93% equity stake in the Indian Gas Exchange Limited (IGX) and became its Proprietary Member. It commissioned 9 new aviation fuel stations (AFSs) during the year, at Tezu, Ratnagiri, Sindhudurg, Jabalpur, Hosur, Keshod, Gwalior, Rajahmundry and Campbell Bay, building its network to 126 AFSs across the vast geographical spread of the country. 106 LPG distributorships were commissioned during the year, taking the total number to 12813. The consistent thrive for excellence in quality management got another boost with the commissioning of fuel quality upgradation projects like Naphtha Hydrotreater Unit at Bongaigaon Refinery, Gasoline Hydro Desulfurization Unit at Gujarat Refinery and Naphtha Hydro Treater, ISOM unit at Guwahati Refinery during the year. For reduction of Nitrogen Oxide (NOx) emissions from diesel vehicles, Diesel Exhaust Fluid (DEF) plants were commissioned in Gujarat, Barauni, Panipat & Guwahati. Bongaigaon Refinery became the 1st Refinery in North East region to supply Ethanol Blended Motor Spirit (EBMS) in August 2021 followed by Gujarat and Guwahati Refineries. The Company also commenced Grid power import at Bongaigaon Refinery from June, 2021.
In July 2022, the Company issued Bonus Equity Shares in the ratio of 1:2, i.e., 1 new Equity Share for every 2 Equity Shares held.
During the year 2022-23, Company commissioned a total of 1,784 Retail Outlets (ROs) and Kisan Seva Kendras (KSKs), 303 CNG Stations, and 19 CBG Stations, consistently building a formidable retail network, totaling to 36,285 Retail Outlets, 1,788 CNG Stations, and 45 CBG Stations. Mono Ethylene Glycol (MEG) unit at Paradip was commissioned in February 2023. The first Greenfield Way Side Amenities (WSA) was commissioned in Rajasthan. It commissioned a Retail Outlet in Village Tangtse, in Ladakh UT at an altitude of 12,933 feet. It commissioned automated LAB terminal at Dumad. The first International retail outlet was commissioned in Kathmandu, Nepal in September 2022. The Bulk Explosives Plant I having 30 KTA capacity in Western India was commissioned in Western Coalfields Ltd (WCL) at Umrer, near Nagpur. Another Bulk Explosives Plant at Basundhara, in Odisha was commissioned in May 2023. The Gas Pipeline Project with an operational capacity of 119.20 MMTPA was commissioned in March, 2023.