12-11-2012, 06:18 PM
Indian Oil Corporation
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History & Background
Indian Oil Corporation is an Indian public-sector petroleum company. It is India’s largest commercial enterprise , ranking 105th on the Fortune Global 500 listing(2009).
It began operation in 1959 as Indian Oil company Ltd. It was formed in 1964,with the merger of Indian Refineries Ltd. Indian Oil and its subsidiaries account for 47% share in the petroleum products market,40% share in refining capacity and 67% downstream sector pipelines capacity in India.
The Indian Oil Group of Companies owns and operates 10 of India’s 19 refineries with a combined refining capacity of 60.2 million metric tons per year.
On 30 June 2009 Indian Oil completed 5oyears of its existence and a series of events are being planned to celebrate its Golden Jubilee Year.
Mission
Prices of products and services primarily in cost reduction and focus on customer satisfaction Jaria full of energy and diversity in all aspects of business to achieve international standards of excellence .
Stakeholders on for creating wealth,value and satisfaction to maximize.
Competitive for the benefit of latest technology development , adaption and assimilation in the leading position it to receive .
Identity n brand equity for specific Corporate trade policy and overall quality management to set higher standards.
Environment by creating awareness in people’s lives to help bring prosperity and environmental balance and protecting the national heritage.
Objectives
To serve the national interests in oil and related sectors in accordance and consistent with Government policies.
To further enhance marketing infrastructure and reseller network for providing assured service to customers throughout the country.
To create a strong research & development base in refinery processes, product formulations, pipeline transportation and alternative fuels with a view to minimizing/eliminating imports and to have next generation products.
To minimise fuel consumption and hydrocarbon loss in refineries and stock loss in marketing operations to effect energy conservation.
To achieve higher growth through mergers, acquisitions, integration and diversification by harnessing new business opportunities in oil exploration & production, petrochemicals, natural gas and downstream opportunities overseas.
To inculcate strong ‘core values’ among the employees and continuously update skill sets for full exploitation of the new business opportunities.
To develop operational synergies with subsidiaries and joint ventures and continuously engage across the hydrocarbon value chain for the benefit of society at large.
Financial Objectives
To ensure adequate return on the capital employed and maintain a reasonable annual dividend on equity capital.
To ensure maximum economy in expenditure.
To manage and operate all facilities in an efficient manner so as to generate adequate internal resources to meet revenue cost and requirements for project investment, without budgetary support.
To develop long-term corporate plans to provide for adequate growth of the Corporation’s business.
To reduce the cost of production of petroleum products by means of systematic cost control measures and thereby sustain market leadership through cost competitiveness.
To complete all planned projects within the scheduled time and approved cost