India’s flagship national oil company and downstream petroleum major, Indian Oil
Corporation Ltd. (IndianOil) is celebrating its Golden Jubilee during 30th June
- 1st September 2009.
Established as an oil marketing entity on 30th June 1959, Indian Oil Company Ltd.
was renamed Indian Oil Corporation Ltd. on 1st September 1964 following the merger
of Indian Refineries Ltd. (established in August 1958) with it. The integrated refining
& marketing entity has since grown into the country’s largest commercial enterprise
and India’s No.1 Company in the prestigious Fortune ‘Global 500’ listing of the
world’s largest corporates, currently at the 116th position.
From a fledgling company with a net worth of just Rs. 45.18 crore and sales of 1.38
million tonnes valued at Rs. 78 crore in the year 1965, IndianOil has since grown
over 3000 times with a sales turnover of Rs. 285,337 crore, the highest–ever
for an Indian company, and a net profit of Rs. 2,950 crore for 2008-09.
Set up with the mandate of achieving self-sufficiency in refining and marketing
operations for a nascent nation set on the path of economic growth and prosperity,
IndianOil today accounts for nearly half of India’s petroleum consumption, reaching
precious petroleum products to millions of people everyday through a countrywide
network of around 35,000 sales points. They are backed for supplies by 167 bulk
storage terminals and depots, 101 aviation fuel stations and 89 Indane
LPG bottling plants. For the year 2008-09, IndianOil sold 62.6 million tonnes of
petroleum products, including 1.7 million tonnes of natural gas.