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IndianOil’s present business practices and vision for the future are synergized with sustainability. We take pride that our corporate strategy is aligned to national priorities and envision a greater societal role in future to accomplish the cherished goal of a truly developed India, where all sections of citizens live with dignity.
The past year was definitely another year of sustained growth in the face of stupendous odds for us at IndianOil. In the backdrop of unprecedented high crude oil prices and liquidity constraints, we managed our operations and financials efficiently. As India's largest petroleum refining and marketing company, we bear the brunt of the burden of oil subsidy on sale of petrol, Diesel, Kerosene for public distribution system and LPG for domestic use, which constitute a major portion of our product offerings. The Government, in turn, has put in place a mechanism to compensate the oil marketing companies for the losses suffered by them.
Indian Oil Corporation Limited is committed to the Global Compact Programme of the United Nations and will endeavour to abide by all the ten principles of the programme, some of which are also a part of our Vision and Mission Statements. Therefore, the company continues to pledge support to the programme through its policies, processes, products, services and people.
In order to measure and communicate our progress in our journey towards sustainable development, we have decided to publish the third edition of our Sustainability Report for 2007-08 in accordance with the GRI-G3 guidelines for the first time and have aimed at application level A. We propose to build on this first report in future through a more formal materiality assessment process where decisions on corporate responsibilities and priorities will include inputs from other stakeholders, such as shareholders, employees etc.
(V.C. Agrawal)
Director (HR)
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