About IOCL
The Indian Oil Corporation (IOCL), India’s leading national oil company and a downstream petroleum company, was founded on 30 June 1959 as the Indian Oil Company. Indian Oil Corporation Limited (IOCL) is an Indian government company. It is owned by the Ministry of Petroleum and Natural Gas of the Indian Government and is headquartered in New Delhi. As of March 31, 2020, the headcount was 33,498, of which 17,704 were executives and 15,794 were non-executives. IOCL ranks in 2021 on the Fortune Global 500 list of the world’s largest companies 212th and is the largest state-owned oil company in India with a net profit of 6.1 billion dollars for the 2020-21 financial year. In May 2018, India became the second year in a row the most profitable state-owned company in India and recorded a profit of Rs213.46 crore for 2017-18. The oil and natural gas corporation earned Rs21.4 crore. IOCL’s business interests overlap across the entire hydrocarbon value chain, including in-house refining, pipeline, transportation and marketing petroleum products, exploration and production of crude oil, natural gas and petrochemicals. The company has also ventured into alternative energy and globalization through downstream activities. In February 2020, the company signed a contract with the Russian oil company Rosneft for the purchase of 140,000 barrels of crude oil per day for 2020. On April 1, 2020, IOCL was on standby to introduce BS-VI and Bharat Stage-VI fuel at its Telangana outlets in order to implement world-class emission standards.