Jump to content

Indian Oil Corporation

From Wikipedia, the free encyclopedia

Indian Oil Corporation Limited
Company typeCentral Public Sector Undertaking
IndustryEnergy: Oil and gas
  • Indian Refineries Ltd. (1958)
  • Indian Oil Corporation (1959)
Founded30 June 1959; 65 years ago (30 June 1959)
Area served
India, Sri Lanka, Middle East, Mauritius, & Worldwide.
Key people
Shrikant Madhav Vaidya (Chairman)[1]
RevenueIncrease 885,078 crore (US$110 billion) (2024)[2]
Increase 57,288 crore (US$6.9 billion) (2024)[2]
Increase 43,161 crore (US$5.2 billion) (2024)[2]
Total assetsIncrease 482,362 crore (US$58 billion) (2024)[2]
Total equityIncrease 188,163 crore (US$23 billion) (2024)[2]
OwnerMinistry of petroleum, Government of India[3]
Number of employees
30,439 (2024)[2]
Websitewww.iocl.com Edit this at Wikidata

Indian Oil Corporation Limited (IOCL or IOC), trading as IndianOil, is an Indian multinational[4][5] oil and gas company under the ownership of the Ministry of Petroleum and Natural Gas, Government of India. Registered in Mumbai but headquartered in New Delhi,[6] 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.[7] It is the largest government owned oil producer[8] 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.[9] 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. As On 31.3.2024 IOC Employed 30,321 Employees . Out Of Which Executives Account 18,570 & Non Executives Account 11,751 .[10][11][12]

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.[13] Indian Oil has ventured into renewable energy and globalisation of downstream operations. It has subsidiaries in Sri Lanka (Lanka IOC),[14] Mauritius (IndianOil (Mauritius) Ltd),[15] and the Middle East (IOC Middle East FZE).[16]


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.[17] 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.[18] 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.[19]

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, and 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 by the end of 2020.

In March 2022, Apollo Hospitals replaced Indian Oil Corporation in Nifty 50 benchmark index.[20]


The world's highest retail outlet (at an altitude of 3,740 mtr. above mean sea level) under IOCL, 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 the 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 oil refinery under IOCL in Haldia, West Bengal

Business divisions[edit]

There are seven major business divisions in the organisation:

  1. Refineries Division[21]
  2. Pipelines Division[22]
  3. Marketing Division[23]
  4. R&D Division[24]
  5. Petrochemicals Division[25]
  6. Exploration & Production (E&P) Division[26]
  7. Explosives and Cryogenics Division[27]

Products and services[edit]

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 [28] refineries with a combined refining capacity of 80.7 million tonnes per year.[29] 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.[30] 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.[31]

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.

Oil refinery locations[edit]


  • 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[edit]

Subsidiaries include:[32]

  • 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.


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.

As On 31.3.2024 - IOC's Regular Employee Strength Stands At 30,321 . Executives Account For 18,570 , Non Executives Account For 11,751 .

[10][33] The attrition rate in Indian Oil is around 1.5%.[34] The company spent ₹96.57 billion on employee benefits during the FY 2016–17.[33]

Listing and shareholding[edit]

Indian Oil's equity shares are listed on the Bombay Stock Exchange and National Stock Exchange of India.[35]

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%),[36] Oil India Limited (5%) and Indian Mutual funds (4%).[37]

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.[38] IOCL's Market cap as of December 2022 was Rs. 1,10,075.05 crore.[39]

Shareholders (as on 31 March 2020)[40] Shareholding
Promoter Group (President of India) 51.50%
Central Government 0.11%
Foreign Institutional Investors 5.81%
Mutual Funds 4.66%
General Public 6.01%
Financial Institutions 8.32%
Others 23.59%
Total 100.0%

Strategic partnerships[edit]

IOC Phinergy Pvt Ltd[edit]

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.[41]


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[edit]

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.[42] Petroleum stocks have been transferred from the Indian Oil Corporation to the Oil Industry Development Board (OIDB).[43] The OIDB then created the Indian Strategic Petroleum Reserves Ltd (ISPRL) to serve as the controlling government agency for the strategic reserve.[44]

See also[edit]


  1. ^ "Shrikant Madhav Vaidya has taken over as the new chairman of Indian Oil Corporation Ltd". The Times of India. Archived from the original on 30 November 2020. Retrieved 2 July 2020.
  2. ^ a b c d e f "Indian Oil Corporation Ltd. Financial Statements" (PDF). bseindia.com. Retrieved 30 April 2024.
  3. ^ "Latest Shareholding Pattern - Indian Oil Corporation Ltd". trendlyne.com. Archived from the original on 13 August 2021. Retrieved 13 August 2021.
  4. ^ "Indian Oil Corporation completes second round of investment in Phinergy, bringing its holding in the company to 17%". PR Newswire. TEL AVIV, Israel, Feb. 14, 2024 /PRNewswire/ -- Phinergy (TASE: PNRG) - which develops metal-air technology that produces electricity by combining oxygen from the air with metals - is delighted to announce that multinational energy giant, Indian Oil Corporation, has completed its second round of investment in the company in the amount of $12.5 million.
  5. ^ "Indian Oil Corporation Ltd - Company Profile and Products". Metoree. Indian Oil Corporation Ltd (IOCL), established in 1959 and headquartered in New Delhi, India, is a multinational that explores and produces petroleum products and is also a manufacturer of petrochemicals.
  6. ^ Annual report 2017-2018 (PDF). Mumbai: Indian Oil Corporation. Archived (PDF) from the original on 18 October 2016. Retrieved 11 October 2018.
  7. ^ "Fortune Global 500 list". Archived from the original on 7 August 2019. Retrieved 10 August 2021.
  8. ^ Lee, Mordecai; Neeley, Grant; Stewart, Kendra B. (20 July 2021). The practice of government public relations. Routledge. ISBN 978-1-000-39496-2. OCLC 1263816753. Archived from the original on 8 May 2022. Retrieved 8 May 2022.
  9. ^ "India plans 77% rise in refining capacity by 2030".
  10. ^ a b Annual Report 2020-21. "Financial Performance : Oil and Energy News". iocl.com. Archived from the original on 3 September 2021. Retrieved 3 September 2021.{{cite web}}: CS1 maint: numeric names: authors list (link)
  11. ^ "Indian Oil Corporation Ltd Management Discussions". IIFL Securities. Archived from the original on 13 June 2021. Retrieved 27 May 2021.
  12. ^ "Annual Report 2019-20" (PDF). IOC - official website. Indian oil corporation. Archived (PDF) from the original on 13 June 2021. Retrieved 27 May 2021.
  13. ^ "IOC stock page". Reuters. Retrieved 17 September 2017.
  14. ^ "IndianOil Corporation | Lanka IOC PLC". www.iocl.com. Archived from the original on 16 September 2017. Retrieved 17 September 2017.
  15. ^ "IndianOil Corporation | IndianOil (Mauritius) Ltd". www.iocl.com. Archived from the original on 16 September 2017. Retrieved 17 September 2017.
  16. ^ "IndianOil Corporation | Group Companies". www.iocl.com. Archived from the original on 16 September 2017. Retrieved 17 September 2017.
  17. ^ "IOC most profitable PSU for 2nd yr in a row; displaces ONGC". India Today. 31 May 2018. Archived from the original on 6 June 2018. Retrieved 31 May 2018.
  18. ^ "India's IOC signs annual deal on option to buy crude from Russia's Rosneft". Reuters. 5 February 2020. Archived from the original on 5 February 2020. Retrieved 5 February 2020.
  19. ^ "Indian Oil to supply BS-VI fuels in Telangana from April 1". mint. 12 March 2020. Archived from the original on 13 June 2021. Retrieved 12 March 2020.
  20. ^ "Apollo Hospitals replaces IOC in Nifty50 as NSE revises eligibility norms, swaps stocks in key indices". 24 February 2022. Archived from the original on 27 June 2022. Retrieved 27 June 2022.
  21. ^ "Refining : Oil and Gas Technology : IndianOil". www.iocl.com. Archived from the original on 16 September 2017. Retrieved 18 September 2017.
  22. ^ "Pipelines : Oil and Gas Pipeline : Gas and Oil Energy". www.iocl.com. Archived from the original on 16 September 2017. Retrieved 18 September 2017.
  23. ^ "Marketing : Oil and Gas Service Companies". www.iocl.com. Archived from the original on 16 September 2017. Retrieved 18 September 2017.
  24. ^ "R & D Centre : Indian Oil". www.iocl.com. Archived from the original on 1 July 2017. Retrieved 18 September 2017.
  25. ^ "Petrochemicals : World Class Petrochemicals". www.iocl.com. Archived from the original on 16 September 2017. Retrieved 18 September 2017.
  26. ^ "Exploration and Production: Oil and Gas Exploration and Production". www.iocl.com. Archived from the original on 16 September 2017. Retrieved 18 September 2017.
  27. ^ "Exploration and Production: Oil and Gas Exploration and Production". www.iocl.com. Archived from the original on 16 September 2017. Retrieved 18 September 2017.
  28. ^ "India Oil Corporation nears first deal to export fuel to Bangladesh: Sources". @businessline. Archived from the original on 23 May 2020. Retrieved 22 May 2020.
  29. ^ "Indian Oil Corporation". 13th Pipeline Technology Conference. 3 July 2011. Archived from the original on 18 September 2017. Retrieved 17 September 2017.
  30. ^ "Indian Oil sets up India's first electric vehicle charging station". The Hindu BusinessLine. 22 November 2017. Archived from the original on 22 November 2017. Retrieved 23 January 2018.
  31. ^ "National Electric Mobility Mission Plan". Government of India Press Information Bureau. 10 March 2015. Archived from the original on 17 March 2018. Retrieved 17 March 2018.
  32. ^ "IndianOil Group Companies : Oil and Gas Industry". iocl.com. Archived from the original on 14 May 2021. Retrieved 27 May 2021.
  33. ^ a b "IOCL Management Discussions" (PDF). BSE India. Archived (PDF) from the original on 23 September 2015.
  34. ^ "HighTea Chat Transcript with Mr. Biswajit Roy: GM (HRD), Indian Oil Corporation". Times Jobs. 22 January 2014. Retrieved 26 January 2014.
  35. ^ "Listing Information – Indian Oil Corporation Limited". Economic Times. Archived from the original on 27 February 2014. Retrieved 27 January 2014.
  36. ^ https://rbidocs.rbi.org.in/rdocs/notification/PDFs/71APDIR030215.pdf Archived 18 October 2016 at the Wayback Machine [bare URL PDF]
  37. ^ "Share holding pattern 30 September 2018" (PDF). IOC Official website. IOC. Archived (PDF) from the original on 11 October 2018. Retrieved 11 October 2018.
  38. ^ "Indian Oil Corporation | Shareholding Pattern" (PDF). www.iocl.com. 31 December 2017. Archived (PDF) from the original on 25 February 2018. Retrieved 25 February 2018.
  39. ^ "Top 100 stocks by Market Capitalization | BSE Listed stocks Market Capitalization". www.bseindia.com. Archived from the original on 25 July 2019. Retrieved 19 December 2022.
  40. ^ "Indian Oil Corporation | Shareholding Pattern". 31 March 2021. Archived from the original on 13 June 2021.
  41. ^ "IndianOil buys stake in Phinergy of Israel for manufacturing of aluminium-air batteries - ET EnergyWorld". ETEnergyworld.com. Archived from the original on 6 March 2020. Retrieved 13 March 2020.
  42. ^ "Alexander's Gas & Oil Connections – India to build up storage of crude oil". Gasandoil.com. 21 September 2004. Archived from the original on 18 April 2009. Retrieved 26 August 2010.
  43. ^ "Strategic oil reserves to come directly under Govt". The Hindu Business Line. 2 April 2006. Archived from the original on 12 February 2009. Retrieved 26 August 2010.
  44. ^ "'India to form crude oil reserve of 5 mmt'- Oil & Gas-Energy-News By Industry-News-The Economic Times". Economictimes.indiatimes.com. 20 June 2007. Archived from the original on 11 January 2009. Retrieved 26 August 2010.
  45. ^ "Sonia to lay foundation for Rajiv Gandhi Petroleum Institute in Rae Bareli - TopNews". www.topnews.in. Archived from the original on 9 May 2018. Retrieved 20 October 2016.

External links[edit]