Indian Oil is a mammath in the oil and gas sector in India, straddling 11 refineries with a total capacity to process 80.7 million metric tonnes per annum (MMTPA) of petroleum products. It’s forays upstream and downstream have now given the mega corporation (FY17 revenue Rs 4,45,372.91 crore) an arm rest across the oil and gas value chain, from exploration and production for oil and gas, to refining and marketing petroleum products and lubricants (POL), to petrochemicals and lately, renewable energy resources.
The energetic 6.3 per cent stride in the gross domestic product (GDP) only buttresses long-term projections that the demand for POL will only grow within India and at a rapid pace. Indian Oil, therefore, will continue to play the critical role it does in India’s energy security.
It may not quite be fortuitous that the petroleum behemoth now has a refinery man at its helm in Sanjiv Singh. Singh, who took charge as Indian Oil Chairman and Managing Director (CMD) on June 1, is a chemical engineer who has spent the last 35 years working at the ground level in Indian Oil refineries. He spearheaded the commissioning and stabilizing of the two modern refineries at Panipat and Paradip, before being inducted into the IOC board as Director, Refineries in 2014. Singh tells Madhumita Chakraborty of BW Businessworld that Indian Oil plans to raise its refining capacity to 153.55 MMTPA by 2030 from 80.7 MMTPA now. In the long-term it strives to source at least ten per cent of its crude oil requirements from its own E&P ventures. Read More…
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