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What is Indian Oil Corporation Limited mean?
Indian Oil Corporation Limited (IOCL), d/b/a IndianOil, is an Indian government corporation. It is under the ownership of Ministry of Petroleum and Natural Gas, Government of India headquartered in New Delhi. The government corporation is ranked 212th on the Fortune Global 500 list of the world's biggest corporations as of 2021. It is the largest government owned oil corporation in the country, with a net profit of $6.1 billion for the financial year 2020-21. 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. Also, total 2,775 women employees comprising 8.77% of the total workforce.
Indian Oil's business interests overlap the entire hydrocarbon value-chain, including refining, pipeline transportation, marketing of petroleum products, exploration and production of crude oil, natural gas and petrochemicals. Indian Oil has ventured into alternative energy and globalisation of downstream operations. It has subsidiaries in Sri Lanka (Lanka IOC), Mauritius (IndianOil (Mauritius) Ltd) and the Middle East (IOC Middle East FZE).
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, followed by Oil and Natural Gas Corporation, whose profit stood at ₹19,945 crores. 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. 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.
In January 2021, sales were registered at all time high of 410,000 barrels of oil per day till 26 January 2021. Delek, Qatar Petroleum, 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 at end of 2020.
referencePosted on 15 Dec 2024, this text provides information on Miscellaneous in Maharatna Central Public Sector Enterprise related to Maharatna Central Public Sector Enterprise. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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