With a turnover of $51 billion, the highest ever for an Indian company, Indian Oil Corporation Ltd. is currently India’s largest company by sales. Placed at the 135th position, Indian Oil Corporation is also the highest ranked Indian company in the prestigious Fortune Global 500 listing. It is also the 20th largest petroleum company in the world, employing more than 32,000 workers. The Executive Director of Indian Oil Corporation, P. S. Rao, received the International Star Award for Quality in Geneva from the President of Business Initiative Directions, Jose E. Prieto.

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The petroleum industry includes the global processes of exploration, extraction, refining, transporting (often by oil tankers and pipelines), and marketing petroleum products. The largest volume products of the industry are fuel oil and gasoline (petrol). Petroleum is also the raw material for many chemical products, including pharmaceuticals, solvents, fertilizers, pesticides, and plastics. The industry is usually divided into three major components: upstream, midstream and downstream. Midstream operations are usually included in the downstream category.
Petroleum is vital to many industries, and is of importance to the maintenance of industrialized civilization itself, and thus is a critical concern for many nations. Oil accounts for a large percentage of the world’s energy consumption, ranging from a low of 32% for Europe and Asia, up to a high of 53% for the Middle East. Other geographic regions’ consumption patterns are as follows: South and Central America (44%), Africa (41%), and North America (40%). The world consumes 30 billion barrels (4.8 km³) of oil per year, with developed nations being the largest consumers. 24% of the oil produced in 2004 was consumed in the United States. The production, distribution, refining, and retailing of petroleum taken as a whole represents the world’s largest industry in terms of dollar value.

IndianOil continues to lay emphasis on infrastructure development. Towards this end, a number of schemes have been initiated with increasing emphasis on project execution in compressed schedules as per world benchmarking standards. Schemes for improvement and increased profitability through debottlenecking / modifications / introduction of value added products are being taken up in addition to grassroots facilities. Project systems have been streamlined in line with ISO standards.

GRASSROOTS REFINERY PROJECT AT PARADIP (ORISSA)

Project Cost: Rs. 29,777.00 crore Expected Commissioning: March-November, 2012 Benefit: The project will help in partially meeting the deficit in distillates viz. LPG, Naphtha, MS, Jet/Kero, Diesel and other products, in the eastern part of the country. The complex will generate intermediate petrochemicals feedstock. Brief Description: A 15 MMTPA refinery is being constructed at Paradip in Orissa. The refinery will have, apart from a Crude and Vacuum Distillation Unit, a Hydrocracking Unit, a Delayed Coker Unit and other secondary processing facilities. This will be the most modern refinery in India with a nil-residue production, and the products would meet stringent specifications. IndianOil has taken over 3344 acres of land for the project and necessary infrastructure development jobs prior to setting up of the main refinery are in progress.

RESIDUE UPGRADATION AND MS/HSD QUALITY IMPROVEMENT PROJECT AT GUJARAT REFINERY

Project Cost: Rs. 5,882.00 crore Expected Commissioning: January, 2010 Benefit: The objectives of the project are multifold. It will ensure compliance to product quality requirement of MS/HSD to EURO-III/IV levels, enable processing of increased quantity of high sulphur crude, and improvement in distillate yield. Brief Description: The project envisages setting up of a number of units like VGO-HDT, ATF-Merox, FCC-Merox, LPG-Merox, ISOM, Coker, DHDT, HGU (PDS) and SRU.