Indian Oil Corporation (or IOC), which is India’s flagship national oil company and downstream petroleum major, was being incorporated as on June 30, 1959, as Indian Oil Company. Soon, it was renamed as Indian Oil Corporation as on September 1, 1964, following the merger of Indian Refineries (established in 1958) with it.
It also owns and operates ten of India's 20 refineries, along with a combined refining capacity of about 60.2 million metric tonnes per annum (or MMTPA, .i.e. 1.2 million barrels in a day). It includes two refineries of a subsidiary named, Chennai Petroleum Corporation. Also, its cross-country network of crude oil and product pipelines, with spanning over 10,000 km and is also the largest in India that meets the vital energy requirements of the consumers in an economical, efficient, and environment-friendly manner.
It also operates the largest as well as the broadest network of petrol and diesel stations in India, estimating over 18,278. Soon, it also reached Indane cooking gas to the doorsteps of more than 53 million households in about 2,700 markets via a network of approximately 5,000 Indane distributors.
Also, it’s ISO-9002 certified Aviation Service commands over 63% of the market share in the aviation fuel business and also meets the fuel needs of both domestic and international flag carriers, and private airlines and the Indian Defence Services. It also enjoys a dominant share of the bulk consumer business, including state transport undertakings, railways, and agricultural, industrial, and marine sectors.
Its world-class R&D Centre is considered as Asia's finest. Besides, pioneering work in lubricant formulation, refinery processes, pipeline transportation, and alternative fuels, the center is also the nodal agency in the Indian hydrocarbon category for ushering in hydrogen fuel economy in India. Also, it has set up a commercial Hydrogen-CNG station at an Indian Oil retail outlet located in New Delhi within the same year. It also holds 214 active patents that include 113 international patents.
Currently, it is forging ahead on a well laid-out road map via vertical integration- upstream into oil exploration and production (or E&P) and downstream into petrochemicals-and also diversification into biofuels, natural gas marketing, wind power projects, besides globalization of its several downstream operations.
In the natural gas business, it also sold 1.849 million tonnes of the product in 2008-09. Also, the technology innovation is being initiated to reach LNG (or Liquefied Natural Gas) directly to the doorstep of bulk consumers in several cryogenic containers for both industrial as well as captive power applications.
It has also tied up with many players such as OIL, Adani Energy, Reliance Gas Corporation, and ONGC, and more, to set up joint ventures in many cities of India. It has also entered into franchise agreements, along with CGD players such as Mahanagar Gas Limited, Indraprastha Gas Ltd, GSPC Gas Limited, Adani Energy Limited, GEECL, and SITI Energy to market CNG via its retail outlets.
Also, to straddle the entire biofuel value chain, it formed a joint venture with the Chhattisgarh Renewable Development Authority (or CREDA) with an equity holding of about 74% and 26% respectively. Also, it has been formed for carrying out cultivating, farming, manufacturing, production, and the sale of biomass, biofuels, and other allied products and services.
Also, it has forayed into wind energy business with the commissioning of an INR 130 crore, and 21 MW wind power project located in Kutch district, Gujarat. Also, the cumulative power generation from the 14 wind turbine generators crossed about 159 lakh KW from its commissioning in January 2009. It has also commissioned the two pilot solar lantern charging stations at its Kisan Seva Kendra located at Sathla near Chokoni and Meerut near Bareilly.
It has subsidiaries in Mauritius, Sri Lanka a