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Indian Oil history
Indian Oil company history timeline
In 1959, the Indian Oil Company was founded as a statutory body.
Growing Soviet imports led the foreign companies to respond with a price war in August 1961.
In September 1964, Indian Refineries Ltd. and the Indian Oil Company were merged to form the Indian Oil Corporation.
Hindustan had become fully Indian-owned on October 1, 1976, when Esso's 26 percent share was bought out.
1976: The Burmah-Shell and the Caltex refineries are nationalized.
Caltex Oil Refining (India) Ltd. was amalgamated with another state company, Hindustan Petroleum Corporation Ltd., in March 1978.
1981: Half of India's 12 refineries are operated by Indian Oil.
In 1989, Indian Oil announced plans to build a new refinery at Pradip and modernize the Digboi refinery, India's oldest.
Reform in the downstream hydrocarbon sector--the sector in which Indian Oil was the market leader--began as early in 1991 and continued throughout the decade.
In 1993, the firm teamed up with Balmer Lawrie & Co. and NYCO SA of France to create Avi-Oil India Ltd., a manufacturer of oil products used by defense and civil aviation firms.
To prepare for the increased competition that deregulation would bring, Indian Oil added a seventh refinery to its holdings in 1998 when the Panipat facility was commissioned.
Achieved the milestone of installing over 2000 EV charging stations at IndianOil Fuel Stations across the country.
Nevertheless, Indian Oil management believed that the deregulation would bring lucrative opportunities to the company and would eventually allow it to become one of the top 100 companies on the Fortune 500--in 2001 the company was ranked 209.
That changed in April 2002, however, when the Indian government deregulated its petroleum industry and ended Indian Oil's monopoly on crude oil imports.
Indian Oil Blending Ltd a wholly owned subsidiary was merged with Indian Oil on May 2006.
The company won Retailer of the Year - Rural Impact Award and their XtraPower won Loyalty Summit Award during the year 2008.In January 2008 the company and Hindustan Unilever Ltd (HUL) signed an MoU for setting up Kwality Walls Kiosks at select Indian Oil petrol stations across the country.
In April 2008 the company launched 'LNG at Doorstep' facility at the Pen unit of H&R Johnson the facility first of their kind in the country which are primarily aimed at catering to the needs of Liquefied Natural Gas (LNG) customers who are not located on the main natural gas pipelines.
In July 2010 the company commissioned their first gas pipeline between Dadri and Panipat and thus they commenced gas supplies to Panipat Refinery.
The Digboi Refinery processed 0.62 million tons of crude oil during the fiscal year ended March 31, 2012 (fiscal 2012).”
It is the leading Indian corporate in the Fortune ‘Global 500’ listing, ranked at the 88th position in the year 2013.
On 27 April 2015 IOCL announced that it has started the process of commissioning its 15 MMTPA state-of-the-art Paradip refinery.
In 2015 the Vankor field produced 22 million tonnes of oil and 8.71 BCM of gas.
The Board of Directors of IOCL at its meeting held on 29 August 2016 recommended issue of bonus shares in the ratio of 1:1.
Government of India held 56.98% stake in IOCL as on 31 December 2017.The company's operations include refineries pipelines and marketing.
The company is the leading Indian corporate in the Fortune 'Global 500' listing ranked at the 168th position for the year 2017.
At 1.79 million, demat accounts opened in June fewest since Feb 2021
India's highest rank Energy PSU in Fortune-500 list (Rank 212), IndianOil recorded Revenue from Operations of ₹7,28,460 crores and a net profit of ₹24,184 crores for the financial year 2021-22.
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Indian Oil competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Hindustan Petroleum Corporation Limited | 1974 | $46.0B | 10,352 | - |
| Triad Hunter, Llc | - | $32.8M | 30 | - |
| Idaho National Lab | - | $1.2M | 125 | 2 |
| Benthic | 2002 | $1.1M | 20 | - |
| ENERGY CORP OF AMERICA | 1963 | $452.5M | 2 | - |
| Blade Energy Partners | 2000 | $5.0M | 108 | - |
| Aspetuck Land Trust | 1966 | $999,999 | 6 | - |
| CNOOC Petroleum North America ULC | 1971 | $213.7M | 5,377 | - |
| Finger Lakes Land Trust | 1989 | $5.0M | 4 | - |
| Colorado Oil & Gas Association | 1984 | $10.0M | 4 | - |
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Zippia gives an in-depth look into the details of Indian Oil, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Indian Oil. The employee data is based on information from people who have self-reported their past or current employments at Indian Oil. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Indian Oil. The data presented on this page does not represent the view of Indian Oil and its employees or that of Zippia.
Indian Oil may also be known as or be related to Indian Oil, Indian Oil Co Inc, Indian Oil Co. Inc., Indian Oil Corporation Limited and Indian Oil Corporation Ltd.