Background

Indian Oil Corporation Ltd (IOC), a Navratna company, was established in 1959 as Indian Oil Company Ltd. The company acquired its present name in 1964 after the merger of Indian Refineries Ltd with itself. The company’s core activities include refining and marketing of petroleum products.

Business Profile

IOC mainly operates in the petroleum products segment along with other businesses which include sale of LNG, petrochemicals, oil & gas exploration and explosives & cryogenics business. The company operates eight refineries, including the erstwhile acquired Bongaigaon Refinery & Petrochemicals Ltd, with a total installed processing capacity of 49.7 MMTPA of crude oil. As on Mar 31, 2009, the company’s combined product and crude oil pipeline network consisted of 10,329 km in length with a cumulative transportation capacity of 71.61 MMTPA. The company’s brand portfolio includes XTRAPREMIUM, XTRAMILE for auto fuels, Indane gas for LPG, SERVO for lubricants, XTRAcare, Kisan Seva Kendra and Swagat for its retail outlets. In FY09, the company commissioned 744 new retail outlets, including 496 Kisan Seva Kendras, taking the total to 18,278; and enrolled around 2.6 mn new Indane customers. In FY09, the company’s R&D centre developed 186 new lubricant formulations out of which 153 were commercialised. In E&P segment, the company has participating interest in 12 domestic blocks and 9 overseas blocks. In Mar 2009, the company merged merged its subsidiary BPRL with itself.