| Type | State-owned enterprise Public company |
|---|---|
| Traded as | BSE: 530965 NSE: IOC |
| Industry | Oil and gas |
| Founded | 1964 |
| Headquarters | Mumbai, India |
| Key people | R. S. Butola, (Chairman) |
| Products | Fuels, lubricants, petrochemicals |
| Revenue | 331,893.78 crore (US$63.06 billion) (2010)[1] |
| Operating income | US$ 3.74 billion (2010)[1] |
| Net income | US$ 2.44 billion (2010)[1] |
| Total assets | US$ 34.36 billion (2010)[1] |
| Total equity | US$ 12.05 billion (2010)[1] |
| Employees | 34,363 (2010)[1] |
| Website | www.iocl.com |
Indian Oil Corporation Limited, or IndianOil, (BSE: 530965, NSE: IOC) is an Indian state-owned oil and gas corporation with its headquarters are in Mumbai, India. It is India’s largest commercial enterprise, ranked 98th on the Fortune Global 500 list for 2011. IndianOil and its subsidiaries account for a 47% share in the petroleum products market, 34% share in refining capacity and 67% downstream sector pipelines capacity in India. The IndianOil Group of Companies owns and operates 10 of India's 21 refineries with a combined refining capacity of 65.7 million metric tons per year. President of India owns 78.92% (191.62 Crore shares)in the company. in FY'11 IOCL sold 64.1 million tonnes of petroleum products and reported a PBT of Rs.9096 Crore, & Govt of india earned an excise duty of Rs.25789.90 crore and tax of Rs.1650 Crore.
IndianOil operates the largest and the widest network of fuel stations in the country, numbering about 19,463 (15,946 regular ROs & 3,517 Kissan Sewa Kendra). It has also started Auto LPG Dispensing Stations (ALDS). It supplies Indane cooking gas to over 62.4 million households through a network of 5,456 Indian distributors. In addition, IndianOil's Research and Development Center (R&D) at Faridabad supports, develops and provides the necessary technology solutions to the operating divisions of the corporation and its customers within the country and abroad.
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IndianOil began operation in 1959 as Indian Oil Company Ltd. The Indian Oil Corporation was formed in 1964, with the merger of Indian Refineries Ltd.
Indian Oil's product range covers petrol, diesel, LPG, auto LPG, aviation turbine fuel, lubricants, naphtha, bitumen, paraffin, kerosene etc. Xtra Premium petrol, Xtra Mile diesel, Servo lubricants, Indane LPG cooking gas, Autogas LPG, IndianOil Aviation are some of its prominent brands.
Recently Indian Oil has also introduced a new business line of supplying LNG (liquefied natural gas) by cryogenic transportation. This is called "LNG at Doorstep".
It is believed that the future IOCL refinery Will be Paradeep Refinery. It is expected to be handover at 2012.
Subsidiary refineries – Chennai Petroleum (10.5 MMTPA)
IndianOil is the highest ranked Indian company in the Fortune 'Global 500' listing, 98th position in 2011. It is also the 18th largest petroleum company in the world and the No. 1 petroleum trading company among the National Oil Companies in the Asia-Pacific region. IOCL was featured on the 2011 Forbes Global 2000 at position 243. It is fifth most valued brand in India according to an annual survey conducted by Brand Finance and The Economic Times in 2010.[2]
XTRAPOWER Fleet Card Program is aimed at Large Fleet Operators. Currently it has 1 million customer base. XTRAREWARDS is a recently launched loyalty program for retail customers where customers can earn reward points on their purchases.in the org
Indian Oil Corporation has two major domestic competitors, Bharat Petroleum and Hindustan Petroleum. Both are state-controlled, like Indian Oil Corporation. There are two private competitors, Reliance Industries and Essar Oil.
The volatility in the crude market & subsidy burden on the IOCL has dented the company performance like other PSU oil companies. This is also reflected in its FORTUNE rating this year. Moreover, bureaucratic hurdles in projects are hurting company advancement. IOCL has one of the best technical manpower for execution of jobs.The newly announced 5 billion dollar contract with Iran raises severe implications on the UN and U.S. sanctions on nuclear proliferation.
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.[3] Petroleum stocks have been transferred from the Indian Oil Corporation(IndianOil) to the Oil Industry Development Board (OIDB).[4] The OIDB then created the Indian Strategic Petroleum Reserves Ltd (ISPRL) to serve as the controlling government agency for the strategic reserve.[5]
In 1964, CSR was introduced in Indian Oil for the first time. Initially the corporation's objective was to "help and enrich the quality of life of the community". Later on it extended its mission statement by adding "preservation of ecological balance and heritage through strong environmental conscience" to its objectives.
CSR at Indian Oil is based on the four pillars of care, innovation, passion and trust. CSR here is not just to perceive as corporate behemoths that exist for profits but for the good of the society and for improving the quality of life of the community they serve. They are aware of the need to work beyond financial considerations and put in a little extra effort that can make the society a better place to live in. The corporation respects human rights and values its employees, share holders and customers. In the last five decades, Indian Oil has supported innumerable social and community initiatives in India and has taken up concrete actions towards the society.
One of the major steps of CSR at Indian Oil is sharing of profits. Every year a fixed portion of Indian Oil's profit is set aside for community welfare and developmental programmes. It has also concerted social responsibility programmes with communities. The company has a number of community-focussed initiatives such as development in health, education,sanitation. It also includes family welfare, providing portable water, women empowerment and welfare of schedule caste and schedule tribe beneficiaries. Allotment of petrol/diesel station dealerships and LPG distributorships to beneficiaries from among schedule caste and schedule tribes, physically handicapped, ex servicemen, war widows, etc are some of the other initiatives under community welfare. The corporation also provides extended help to farmers to reach out to larger markets through Kissan Seva Kendras .To enforce the additional objective of preservation of ecological balance and heritage, Indian Oil has founded the Indian Oil Foundation, a non profit trust to protect, preserve and promote national heritage monuments.It is exclusively funded by Indian Oil. It has an initial corpus of twenty five crore and an annual contribution of ten crore. Under this initiative Indian Oil will adopt at least one heritage site in each state and promote it.
Indian Oil being a green company has set up some environment – protection initiatives.For the production of green fuels in its refineries it has invested nearly Rs. 7000 crore in state-of-the-art technologies. Further the corporation is now in the process of commercialising various options in alternative fuels such as ethanol blender petrol, biodiesel, hydrogen and hydrogen-CNG mixture to reduce dependence on precious petroleum products and secure the nations security.
To promote community development , Indian Oil has undertaken a number of initiatives such giving scholarships, allocation of funds etc. The community development unit of Indian Oil identifies various deserving causes for allocation of funds from the community development budget and involve various grassroots-level organisations like local gram panchayats, district administration, NGOs and social workers whenever necessary.To ensure that the benefits of the programmes flow directly to the identified groups, fund utilisation is closely monitored and whenever necessary the corporation directly executes projects.To promote all sided development of the society, Indian Oil also offers sports scholarships to upcoming players and potential/ talented players. Indian Oil also supports art, culture, music and dance under the banners of Indian oil sangeet shabha, Indian oil art exhibitions. It has also worked towards better education in India by encouraging special scholarships among girl students and disadvantaged groups hence trying to reduce drop-out rates in higher secondary levels.[6]