IndianOil is the country’s largest commercial enterprise, with a sales turnover of Rs. 1,30,203 crore (US$ 29.8 billion) and profits of Rs. 7,005 crore (US$ 1,603 million) for the financial year 2003-04.
IndianOil is India’s No.1 Company in Fortune’s prestigious listing of the world’s 500 largest corporations, ranked 189 for the year 2004 based on fiscal 2003 performance. It is also the 19th largest petroleum company in the world. IndianOil has also been adjudged No.1 in petroleum trading among the national oil companies in the Asia-Pacific region.
India’s Flagship National Oil Company
Beginning in 1959 as Indian Oil Company Ltd., Indian Oil Corporation Ltd. was formed in 1964 with the merger of Indian Refineries Ltd. (Estd. 1958).
As India’s flagship national oil company, IndianOil accounts for 56% petroleum products market share among PSU companies, 42% national refining capacity and 69% downstream pipeline throughput capacity.
The IndianOil group of companies owns and operates 10 of India’s 18 refineries with a current combined rated capacity of 54.20 million metric tonnes per annum (MMTPA) or one million barrels per day (bpd). These include two refineries of subsidiary Chennai Petroleum Corporation Ltd and one of Bongaigaon Refinery and Petrochemicals Limited. IndianOil owns and operates the country’s largest network of cross-country crude oil and product pipelines of nearly 8,000 km, with a combined capacity of 56.85 MMTPA.