Indian Oil Corporation Limited (IOCL)
India is the third-largest energy and oil consumer in the world. The country's oil demand is expected to increase by 40% to 6.7 mb/day by 2030 and further to 8.3 mb/day in 2050.
With a 33,500 plus workforce and an extensive refining, distribution and marketing infrastructure and advanced R&D facilities, Indian Oil plays a significant role in fuelling the socio-economic development of the country. With a mandate to ensure India's energy security and self-sufficiency in refining & marketing of petroleum products, Indian Oil has, in the past six decades, provided energy access to millions of people across the length and breadth of the country through its ever-expanding network of over 47,800 customer touch-points. With revenue of Rs. 728,460 crore (US$ 93.39 billion) in FY22, it is recognised as one of India's most valuable companies. The company continues to be the largest contributor to the national exchequer in the form of duties and taxes.
- 33,500-plus workforce
- Over 47,800 customer touch-points
- Operates a network of 13,400 km of cross-country pipelines
- Inventory of over 600 patents
- The revenue from operations stood at Rs. 934,952 crore (US$ 113.7 billion) in FY23.
Indian Oil Corporation Limited (IOCL)–The Energy of India
| Year | Milestone |
|---|---|
| 2023 |
The IndianOil Board has accorded ‘Stage-I’ approval for setting up Paradip Petrochemical Complex at Paradip, Odisha at an estimated cost of Rs. 61,077 crore (US$ 7.42 billion). This mega project will be the largest-ever investment of IndianOil at a single location. |
| 2022 |
In November 2022, IOCL launched the ‘TB Mukt IndianOil Parivar’ program that aims to eradicate tuberculosis from the IndianOil family by 2025. In February 2022, Indian Oil Corporation (IOCL) announced the opening of 1,000-plus electric vehicle (EV) charging stations across the country, with the goal being to provide EV charging facilities at 10,000 fuel stations in the next three years. In February 2022, IOCL announced that it will set up 'green hydrogen' plants at its Mathura and Panipat refineries by 2024 to replace carbon-emitting units, which will help cut the cost of manufacturing green hydrogen by 40-50%. |
| 2021 |
In July 2021, Indian Oil Corporation Ltd. (IOC) announced its plan to establish a green hydrogen plant at its Mathura refinery. In July 2021, Indian Oil Corporation (IOCL) granted a contract worth US$ 170 million to a consortium, including subsidiaries of Maire Tecnimont, to assist the expansion of the Barauni refinery in Bihar. In May 2021, Indian Oil Corporation kicked off the supply of diesel that is blended with biodiesel made from used cooking oil In March 2021, The IOCL and the Industrial Infrastructure Development Corporation (IDCO) signed an MoU for Paradip Plastic Park in Odisha. Until March 2030, an incentive of Rs. 2,000 for each MT of polypropylene granules (from the Paradip Refinery) will be offered to manufacturing units in the Paradip Plastic Park The IOCL has entered a joint venture with Israeli firm Phinergy to manufacture Aluminium-Air systems in India and boost India's flagship programme–Make in India–and recycle used aluminium to strengthen India's energy security BHEL received order worth Rs. 400 crore (US$ 55.1 million) for setting up a sulphur recovery unit at Indian Oil's Paradip Refinery in Odisha Indian Oil Corp. will invest Rs. 329.46 billion (US$ 4.46 billion) to expand capacity of its Panipat refinery by two-thirds to 500,000 barrels per day (bpd) by September 2024 In February 2021, Sheetal Cool Products Limited signed an MoU with the IOCL to set up Sheetal Outlets at the IOCL Fuel Pumps in Gujarat |
| 2020 |
In December 2020, IOCL announced plans to invest Rs. 1,689 crore (US$ 228.81 million) in new projects in Andhra Pradesh. The investment comprises Rs. 1,522 crore (US$ 206.19 million) for petroleum products infrastructure and Rs.167 crore (US$ 22.62 million) for LPG storage facilities. On September 15, 2020, PM Mr. Narendra Modi inaugurated two new LPG cooking gas bottling plants at Champaran and Banka in Bihar, along with the Durgapur-Banka section of the Paradip-Haldia-Durgapur LPG pipeline for more than Rs. 900 crore (US$ 122 million) Mathura refinery completed the revamp of its all units to produce BS-VI grade fuels ahead of the deadline for roll out of newer emission norms from April 2020 IOCL have plans to invest Rs. 500 crore (US$ 71.54 million) at Chitradurga in Karnataka |
| 2019 |
ExxonMobil India LNG signed a MoU with IOCL |
| 2018 |
The company approves buyback worth Rs 4,435 crore (US$ 634.57 million) Remains the country's most profitable state-run company for second year in a row |
| 2016 |
Signs agreement to buy stake in Taas-Yuriakh oil field |
| 2010 |
Awarded “Maharatna" status by the Govt. of India |
| 2005 |
IOCL’s Mathura refinery becomes India’s first refinery to produce Euro-III Compliant diesel & petrol |
| 2004 |
Company enters into the gas business |
| 2003 |
First Indian petroleum company to start overseas retail business |
| 2000 |
Becomes the first Indian company to cross Rs. 100 billion (US$ 2.22 billion) in turnover |
| 1997 |
Company enters into LPG business through a JV with Petronet LNG |
| 1994 |
Commissions India’s first Hydrocracker unit |
| 1972 |
Becomes first Indian oil & gas company to establish Research & Development Center |
| 1964 |
IOCL formed through merger of Indian Refineries Ltd and Indian Oil Company Ltd |
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