1959 - The Company was incorporated on 30th June, under the name and style of the Indian Oil Company, Ltd. With a view to coordinating the activities of the Indian Refineries, Ltd., and Indian Oil Company, Ltd., the two were amalgamated on 1st September, 1964, to form a new corporation, the Indian Oil Corporation Ltd. 1960 - Indian Refineries, Ltd., was merged with the Company. The capital after amalgamation was Rs 34,97,25,000. Later 92,897 shares subscribed for by Government. 1961 - Shares subscribed for by Government; 1961 - 5,500; 1962 - 19,450; 1961 - 4,550; 1964 - 18,000. 1962 - In November, the Corporation signed an agreement with Mobil Petroleum Co., Ltd., New York, for setting up of two blending plants in Calcutta and Mumbai. 1963 - On 25th March, a new Company was floated under the name and style of Indian Oil Blending Ltd., to undertake the erection. The new Company was floated as a joint venture of Mobil and the IOC on 50:50 basis. 1965 - The Corporation entered the field of LPG for domestic cooking and distribution started under the name `Indane' in selected cities of the Eastern region. 1966 - 2,10,300 No. of shares subscribed for by Government. 1967 - 17,700 No. of shares subscribed for by Government. 1968 - As part of the Gujarat Refinery, an Ubex plant in collaboration with Nuvo Pigeons S.P.A., Italy, for extracting benzene, toluene, etc. as basic raw materials for the petro-chemical industries was commissioned. 41,150 No. of shares subscribed for by Government. 1969 - A wholly owned subsidiary of the Corporation was registered on 24th October, under the name and style of the Indian Oil International, Ltd., for the sale of the Corporation's POL products within the territory of Nepal. 1972 - Government gave its decision to set up a refinery at Mathura (U.P). in collaboration with USSR. In terms of the collaboration, a contract was entered into with Neftechimprom export for project report, technical assistance, supply of materials etc. 1974 - The agreement of the Corporation with Mobil Petroleum Co. Inc. was terminated on 19th July, and the 4,000 equity shares of Mobil group in the Indian Oil Blending Ltd. were purchased for the IOC. Consequent upon this the IOBL became a wholly owned subsidiary of the Corporation. The Corporation undertook to set up a 2.5 million tonnes refinery at Haldia in Collaboration with TECHNIP/ENSA of France and Industrial Export of Rumania. 1976 - 1,10,000 No. of shares issued to the President of India. 1977 - Government approved the feasibility report on secondary process facilities. The project sanctioned at a cost of Rs 40.11 crores was designed for increasing the production of the lighter and middle distillates. 1979 - The Corporation undertook to set up facilities to produce 15,000 tonnes per year of bright stock (LVI) to substitute for the import of cylinder oil. The project was completed during 1983-84. 1981 - 4,10,886 Bonus shares issued in the prop. 1:2. 1982 - The project for conversion of MSHE/residue into more valuable products like LPG, motor spirit, HSD, LDO, etc. was completed. 1984 - The Company was set up with the primary objective of acting as trustees of the two provident funds of the employees of the erstwhile Assam Oil Company, Ltd. and Oil India, Ltd. Consequent upon the vesting of the trust fund in the respective successor companies, Indian Oil Corporation, Ltd. and Oil India, Ltd., the primary purpose for which this Company was set up no longer remained. It was dissolved during the year. 1985 - To ensure maintenance of high quality control standards by LPG equipment manufacturers it was proposed to set up a centralised quality assurance laboratory. 1986 - With the conversion of 3,27,000 customers from `F' type to the safer `Pin' type `seld closing' equipment, all domestic customers were using the new equipment. Two new Aviation Fuel Stations (AFS) were commissioned at Indira Gandhi International Airport, New Delhi and Imphal (Manipur). This increase the number of AFS to 77. 1987 - The Corporation commissioned 2 new aviation fuel stations at Jaisalmer and Utterlai in Rajasthan. It was proposed to extend the hydrant refueling system at Sahar International Airport, Mumbai (Sahar Phase III) and put up a modern hydrant refueling system at Goa and Arkonam. 1988 - The Corporation added 8 new bottling plants at Delhi (Tikrikalan), Karnal. Haldwani, Ajmer, Bhopal, Jamshedpur, Balasore and Parwanoo (Baddi). With this, the bottling capacity of the Corporation at its 25 plants bottling capacity of the Corporation at its 25 plants went up by 2,49,000 tonnes per annum representing a 36% increase over the previous year's capacity of 6,98,500 tonnes. The Corporation added 5 more international airlines into its fold; increasing the number of airlines served to 29. The Corporation concluded during the year a long term agreement with the Ministry of Defense for supply of aviation fuels for a period of 20 years. 1989 - A new grease plant was commissioned at Vashi in New Mumbai at a cost of Rs 10 crores, increasing the greases manufacturing capacity by 3,800 tonnes. 1990 - One crude oil tank was commissioned after desludging and degasification. Instrumented Pig Survey (IPS) in Haldia-Mourigram-Rajbandh and Haldia Barauni Pipeline was undertaken. Replacement cycle time of marine hoses was extended from 39 months to 42 months resulting in longer hose-life and reduction in inventory carrying cost. 1991 - The Corporation commissioned, 2 new bottling plants at Calicut in Kerala and at Silchar in Assam. With this, the bottling capacity at its 29 plants increased from 10,04,000 tonnes in 1990-91 to 10,26,000 TPA. 1992 - The Indane customers are served through a network of 2,206 distributors (2,132) spread over 1,133 towns (1087 in 1992-93). The total capacity at the 29 bottling plants was enhanced to 10,38,000 TPA. Two small-Can filing/mini blending plants were also commissioned at Todipalli in AP and at Khapri in Maharashtra each having a capacity of 56,000 tonnes. 14 new products were developed, of which 5 products alone would lead to savings in foreign exchange to the tuns of Rs 1.75 crores per annum. The Unit developed 82 lubricant formulations including fuel saving and energy conserving automotive engine oils, synthetic heat transfer oil, high performance high temperature greases: two-stroke engine oil with lower oil to fuel ratio, various national and international approvals obtained for 31 products, development of a novel chemistry grease G-92 based on a new thickener and a development of a fuel efficient hurricane lantern meeting BIS specifications, that saves upto 20% kerosene. 1993 - For users convenience, second cylinders were released to about 9,40,000 customers. A new concept of Computer Remote Operational Automatic LPG Filling System (RALFS) was developed and commissioned at the Calcutta bottling plant resulting in substantial increase in productivity. 6 new bottling plants were commissioned at Delhi, Amhedabad, Belgaum, Trichy, Farrukhadia and Guwahati . Penpreral hydrant refueling systems were promoted at Udaipur, Kulu, Baroda, Imphal & Along. 3850 km. popeline network of the corporation transported a second 24.1 million tonnes of crude oil and petroleum products during the year. Six new products were launched of which 3 were energy consuming, environment friendly lubricants while two were adopted as genuine oils for Maruti & Kenetic Honda vehicles. Two new depots at Bharatpur & Sagar and on bulk technical at humding were commissioned. The R&D developed the following: (i) 80 lubricant formulations and nature and international approvals for 27 products such as Servo marin by Diesel Recherch Italy New Sulzer Diesel, Winterthur, Synthetic greases for use in aircraft etc.; (ii) A two-phase model to stimulate FCC stripper operati on resulting in 5% Throughput increase; (iii) A kinetic model for hydrocracking for predicting product yield, quality etc.; (iv) A new design for railway signal lamp for use with 18 mm smoke point kerosene etc. 1994 - Equity shares subdivided. 410,88,600 bonus shares issued in 1994. 2054,43,000 shares allotted to President of India. The Research and Development Centre of the Company earned ISO-9001 Certification. 1995 - With the addition of two new LPG bottling plants at Belgaum and Delhi, the 35 LPG bottling plants have capacity to bottle 13.29 lakh tonnes LPG per annum. Digboi refinery of the division achieved a capacity utilisation of 112% by processing 0.559 MMT of crude oil. To keep pace with international developments in lubricants technology and the market demands, 28 new products were developed in various categories for a wide range of customers like railways diesel generating sets, boat users etc. and 35 Servo lube distributors were commissioned. The Corporation has entered into a collaboration with Tata Chemicals, Ltd. for setting up a 6 million tonnes grassroots refinery at village Baholl in Karnal district of Haryana. The ultimate equity participation in the Joint Venture Company will be IOC-26%. Tata Chemicals Ltd. 16% and the balance 48% to be issued to the public including NRI. The joint venture company will be incorporated as Tata Indian Oil Refineries Limited. 1996 - SERVO entered Nepal, UAE, Sri Lanka and the markets in W. Asia. Twenty new products were developed in various categories like automotive, power, steel etc. During the year 26 servo lube distributors were commissioned. IOC has formed two joint venture companies - Indian Oil tanking Ltd and Petronet India Ltd. 1997 - The total number of bottling plants improved to 43 and the corporation's capacity was enhanced to 16.53 lakh tonnes per annum. The Corporation handled 475 product import tankers and 84 product export tankers besides 278 crude oil tankers and 76 LPG shipments. 19,540,000 Shares allotted to the employees of the Company in 1995-96. The R&D earned the coveted ISO-14001 accreditation for its environmental management system. The Centre was selected as the headquarters of the Indian Chapter of the National Lubricating Grease Institute, USA. The centre made a breakthrough in the development of marine engine technology and low oil-fuel ratio two-stroke engine oil. Indian Oil commissioned a Jubilee outlet in Ongole, Andhra Pradesh, which was followed by 27 more such outlets. 1998 - The company entered into an MOU with Premier Oil Pacific Ltd. UK and petronas Carigali, malaysia to participate in the NELP bids invited by the Government of India. During the year the company entered into another agreement with Madras refineries Ltd (MRL) for cooperation in downstream hydro carbon sector business including expansion of MRL's cauvery-basin refinery at Nagapattinam as a joint venture. A joint collaboration agreement was entered into between the corporation and the Indian Institute Petroleum and Gas Authority of India Ltd and Amco India Development Company USA to manufacture and market DME in India. A joint venture company, Indian Oil Petronas Pvt. Ltd was incorporated with equal participation of the Corporation an petronas, Malaysia to set up import facilities at haldia for parallel marketing of LPG. The Corporation had 92 installations and 184 bulk depots. Tankage as at 31.3.1998 was 54.54 lakh kls. at various installation and depots. The state-owned Indian Oil Corporation (IOC) is setting up a state-of-the-art lubricant plant at Faridabad to meet the growing demand of the company's engine oil `Servo'. Indian Oil Corporation (IOC) would soon be commissioning a modern lube blending plant at Asaoti in Faridabad district (Haryana) to meet the demand of Servo (Indian Oil's brand of lubes) and to augment its self-sufficiency in the northern region. Indian Oil Corporation (IOC) has entered into an MoU with Reliance Petroleum for marketing and distribution of petroleum products of the latter. With this agreement, IOC will have the sole rights to market Reliance's products manufactured at its 15 million tonne refinery at Jamnagar, Gujarat. Indian Oil Corporation (IOC) has signed fuel supply agreements (FSAs) with sixteen independent power producers including projects being promoted by the RPG group, Harrison Malayalam etc for power plants being put up in Rajasthan, Haryana and Uttar Pradesh. Indo Mobil Limited, a 50-50 joint venture between Mobil Corporation and Indian Oil Corporation to manufacture and market Mobil Lubricants in India, unveiled the West Mclaren Mercedes MP 4.12 formula I car at the expo. Indo Mobil Limited is also signing an exclusive agreement with Mercedes Benz India network backed by joint promotion and service activities for the Mercedes Benz owner. The corporation has also entered into a joint venture partnership with NYCO-SA of France and Balmer Lawrie to produce synthetic lubricants for the defence and aviation sectors. The oil terminal at Manmad will have state-of-art facilities including 10 tank lorry filling bays with computerised flow meters to ensure accuracy of delivery. Indian Oil has been assiduously expanding its marketing infrastructure facilities including setting up of tankage facilities to meet the growing demand of petroleum products. A memorandum of understanding (MoU) for the supply of Servo lubricants of initial fill and also as genuine oils for Mitsubishi Lancer cars was signed by Indian Oil Corporation Ltd. and Hindustan Motors Ltd. Indian Oil Corporation (IOC) and Emirates National Oil Company (ENOC) of Dubai have entered into a memorandum of understanding (MoU) for joint collaboration in downstream areas of the petroleum sector, particularly in lubricants and training and consultancy projects. Indian Oil Corporation Ltd (IOC) is likely to set up a joint venture company with the Emirates National Oil Company (ENOC), Dubai, for a tankage capacity and a dedicated jetty at Hamariyah free zone. This facility would be used for leasing, trading and captive use of petroleum products. As part of the MoU, both IOC and ENOC would collaborate in providing consultancy services and support in bottlenecking/revamping/modernisation of refineries, terminalling facilities, cross-country pipelines, modernisation of retail outlets and environmental related projects. IOC has signed memorandums of collaboration with Petronas of Malaysia, Marubeni of Japan and Petrotin and the National Petroleum Marketing Company of Trinidad and Tobago for joint ventures in refining, petrochemicals, LPG, E&P, LNG power, R&D training. The IOC-Petronas joint venture was in the process of setting up LPG import and marketing facilities at Haldia in West Bengal. Indian Oil Corporation Limited has awarded to Tecnimont SPA, Milan, a contract to install a 1.2 million tons per year Diesel Hydro Desulphurisation (DHDS) unit at their Haldia refinery. The Indian Oil Corporation and Oil and Natural Gas Corporation have signed a memorandum of understanding to work together in upstream and downstream projects. Indian Oil Corporation signed the first long-term fuel supply agreement with Hindustan Lever Ltd for the supply of entire fuel and lubricant requirement of HLL's manufacturing unit at Orai in Jalam for the next five years. Indian Oil is the largest commercial organisation in India, the only Indian company to feature in the Fortune Global 500 list, it is ranked 30th in terms of sales and profits among the world's petroleum companies. Indian Oil Corporation limited is one of the top PSUs in the market today. The company's R&D centre at Faridabad is one of the best in Asia, the company is constantly developing it. An agreement has been signed between the Indian Oil Corporation (IOC) and National Fertilisers Ltd (NFL) to meet the feed and fuel-stock requirements of the latter's Nangal, Bhatinda and Panipat plants for the next 10 years. Indian Oil Corporation (IOC) and Bongaigaon Refinery and Petrochemicals Ltd (BRPL) have entered into a memorandum of understanding (MoU) for transportation of imported crude oil to BRPL's refinery at Dhaligaon in Bongaigaon district of Assam. The memorandum of understanding was signed at IOC's pipelines headquarters in Noida on March 3. IOC will also be setting up the fourth oil jetty at Haldia on a build-own-operate (BOO) basis, either on its own or through partnership with other private promoters. The Indian Oil Corporation (IOC) will provide the entire feedstock and fuel stock requirements of the Nangal, Bhatinda and Panipat fertilizer plans of National Fertilisers Limited (NFL) for the next decade. An agreement to this effect has been signed between IOC and NFL. Indian Oil Corporation (IOC) will sign the Fuel Supply Agreement (FSA) with the Kochi-based BSES Kerala Power Ltd on March 17. Indian Oil Corporation Limited (IOC) and Nirma Ltd have entered into a memorandum of understanding for the supply of Linear Alkyl Benzene feedstock (LABFS). Indian Oil Corporation (IOC) and the Haryana State Electricity Board (HSEB) have entered into a memorandum of understanding (MoU) for setting up a 301 MW power project at Panipat based on heavy residue fuel from Indianoil's six-million-tonne grassroots refinery. Indian Oil Corporation and Gas Authority of India Ltd (GAIL) have signed a memorandum of understanding (MoU) for transfer of LPG through the pipeline laid by GAIL from Jamnagar to Loni near Delhi. The Jaipur and Loni terminals and bottling plants will be commissioned during the second half of 2000-01. 1999 - Indian Oil Corporation workers propose to go on a two-day strike from January 7 on the company's recruitment policy. The Indian Oil's Mathura and Gujarat refineries were presented the Golden peacock Environment Management Award by Union minister of environment and forest Suresh Prabhu. State-owned Indian Oil Corporation (IOC) has signed an agreement with the US oil company Premier and is negotiating with Malaysian Petronas to jointly bid for oil blocks under the new exploration licensing policy (NELP). Indian Oil Corporation Ltd (IOC) has commissioned a crude pipeline from Haldia to its Barauni refinery enabling the latter to achieve total capacity utilisation, and eventually meet the crude deficit in Bongaigaon Refinery and Petrochemicals Ltd (BRPL) and Numaligarh Refinery Ltd (NRL). IOC proposes the expansion of capacity of its Barauni refinery from the present level of 4.2 mtpa to 6 mtpa. 2000 - Indian Oil Corporation Ltd. (IOC) has signed a memorandum of understanding (MoU) with healthcare major Apollo Hospitals for setting up pharmaceutical general stores at the convenience stores of Indian Oil petrol stations. State-owned Indian Oil Corporation (IOC) and UAE-based Emarat Corporation would soon finalise a joint venture (JV) agreement for setting up oil trading terminals in the Hamriyah free trade zone of Sharjah. Indian Oil Corporation (IOC) has signed an agreement with Gujarat Power Corporation Ltd (GPCL) for setting up a vacuum residue-based 500-MW power plant at Savli, Gujarat. Reliance Petroleum and Indian Oil have presented a proposal to the ministry of petroleum and natural gas which involves formation of a new joint venture company to execute the Rs 4,400-crore Central Indian pipline. Indian Oil and Oil and Natural Gas Corporation plan to enter into a 50:50 joint venture for providing training and consultancy services. Indian Oil has tied up with the South Korean's Samsung and SK Corporation to venture into shipping of liquefied natural gas. Indian Oil Corporation signed an agreement with Tata Engineering for marketing its Servo engine oils for Tata's premium range vehicles. Indian Oil Corporation has introduced interactive voice recording system for its Indane LPG customers. This will facilitate round the clock service to the customer. Indian Oil Corporation has launched its flagship lubricant brand Servo in Malaysia. Indian Oil and Citibank have together launched a co-branded international credit card. Indian Oil Corporation has tied up with Mahanagar Telephone Nigam Ltd and MasterCard International to set up a network of Internet kisoks with touchscreen facility in New Delhi and Mumbai. Indian Oil Corporation and Bongaigaon Refinery and Petrochemicals Ltd. have signed an agreement for development of pipeline hookup facilities for transporting imported crude oil to BRPL's refinery. Indian Oil Corporation is slated to sign an agreement with the Nigerian government to buy 6 million tonne of term crude in 2000-01. The state-owned Indian Oil Corporation is in talks with Essar Oil for acquiring its interests in oilfields, officials familiar with the negotiations. Indian Oil Corporation has entered into a technical collaboration for pipelines with Enbridge International of Canada. IOC entry in storage and retail marketing of petroleum products in Mauritius, Union petroleum minister, Ram Naik signed the memorandum of understanding on behalf of the Indian government with Mauritius. Andhra Pradesh government has given a Letter of Support to the Indian Oil Corporation-led consortium to set up LNG terminal-hydrocarbon in Kakinada. Indian Oil Corporation that it will directly market 1.5 million tonnes of Liquefied Natural Gas from the Dabhol LNG terminal of Enron India Ltd in Maharashtra. Indian Oil Corporation and Enron India have signed a memorandum of understanding to collaborate in the energy and communication businesses. The Company will set up a modern quality control laboratory in the island-nation of Mauritius to facilitate testing of aviation turbine fuel as well as non-aviation fuels. ONGC and IOC two companies have formed aj oint venture, ONGIO, a name derived by mrging the initial letters of their respective acronyms, which will explore opportunities in training and consultancy in the oil Industry. Valvoline Cummins Ltd has tied up with the Indian Oil Corporation (IOC) to market its recently launched `Eagle One' range of car care products. Mr. M. S. Ramachandran has joined the Board of Indian Oil Corporation as Director in-charge of planning and business development. Indian Oil Corporation is likely to invest in the equity of Nagarjuna Oil Corporation Ltd a group company of the Nagarjuna Fertilisers and Chemicals Ltd. Indian Oil launched its Servo genuine oil range for Tata Engineering's Indica passenger cars and Sumo vehicles. Indian Oil has introduced the genuine oils `Servo Indica-P' for petrol cars, `Servo Indica-D' for diesel cars and `Servo Sumo Engine Oil' for the Sumo range of vehicles. ValvolineCummins Ltd has tied up with Indian OIl Corporation Ltd to introduce its Eagle One range of car-care products through the latter's retail outlets in the metros. Indian Oil Corporation will expand its Gujarat Refinery's capacity to 18 million tonnes (mt) from the present 13.7 mt by May, 2002. Unions of the the company on 15th November called off their agitation including the proposed two-day strike from 16th following commencement of negotiations with the management on wage-related issues. Indian Oil Corporation has signed an agreement with Bongaigaon Refinery and Petrochemicals Ltd. for transportation of 0.5 million tonnes of Crude Oil for delivery to BRPL through IOC's Haldia-Barauni crude oil pipeline. The Company will sign a retail agreement with Dominos Pizza India Ltd. for setting up a fast-food chain through IOC outlets in India by the end of December. DishnetDSL Limited has tied-up with Indian Oil Company (IOC) to open Internet hubs in all its petrol bunks across the country. 2001 - The Company has joined the race with the likes of Reliance Industries, ONGC, Royal Dutch Shell and Cairn Energy for acquiring Enron's stake in Panna-Mukta and Tapti oil and gas fields. Indian Oil Corporation will expand its existing refining capacity by 34 per cent to 61 million tonnes by 2004. The state-owned Indian Oil Corporation Petrochemicals Ltd to be restructured into two separate units before investing in its equity. The Company's Panipat refinery is scheduled to shut down around March 20 for a month-long routine maintenance work. Indian Oil Corporation has tied up with Citibank for launching co-branded credit cards that could be used for the purchase of fuel as well as for other credit purchases. Indian Oil Corporation, Calcutta Port Trust and Shipping Corporation of India Ltd are setting up a joint venture for floating storage tanks at the Sandheads, 130km down the river Hooghly from the Haldia Dock Complex. Indian Oil Corporation and Hindustan Aeronautics Ltd. have been awarded the Gold Trophies of Scope for excellent contribution to public sector management for the years 1999-2000 and 1998-99 respectively. Indian Oil Corporation has finalised the detailed feasibility report for its proposed entry into Mauritius as an independent marketing firm. Indian Oil Corporation has entered into a five-year marketing agreement with Chennai Petroleum Corporation Ltd. The indian Oil Corporation and National Thermal Power Corporation have signed a memorandum of understanding to set up petro-fuel power plants in India. Indian Oil Corporation (IOC) has cleared the Rs 3,365 crore Panipat refinery expansion from 6 million tonne to 12 million tonne. IOC's investment review committee, which went into feasibility of the project has given the go-ahead to the project which would take 36 months to complete. Indian Oil Corporation would retain only Rs 410 crore out of the Rs 535 crore mopped up from the privately placed non-convertible debenture issue. It attracted bids worth Rs 535 crore out of which only Rs 410 crore would be retained. Indian Oil Corporation (IOC) has raised Rs 135 crore through a commercial paper (CP) issue on August 28 using the online trading platform of Riskxpress.com. Indianoil Corporation has joined Hindustan Petroleum Corporation in race for acquiring Aditya Birla Group's 37.38 per cent stake in Mangalore Refineries & Petrochemicals. IndianOil has doubled its domestic currency borrowing limit to Rs 20,000 crore in the current financial year, and consequently reduced its foreign currency loans to $4,500 million from the present $5,514 million after shareholders' approval. Indianoil Corporation will start operating from this month the world's highest location LPG plant, bulk depot and petrol station in Leh (Jammu and Kashmir). The Centre on 29th October ruled out divestment of its stake in Oil and Natural Gas Corporation, Indian Oil Corporation and Gas Authority of India, saying these flagship companies will continue to be under its control in medium to long term. We have made it clear that government will not dilute its control in these three flagship companies in view of national oil security", union minister for petroleum and natural gas Ram Naik told. - During 2000-2001, the company has acquired the entire holding of Government of India (GOI) in Chennai Petroleum Corporation (CPCL) (51.81%) for Rs 509.33 crore and Bongaigaon Refinery & Petrochemicals (BRPL) (74.46%) for Rs 148.80 crore, thereby making these companies subsidiaries of your corporation and adding another 9.35 MMTPA rated capacity. - IOCL also has the largest marketing network in the country, comprising over 21,000 sales points backed for supplies by 186 bulk storage points and 71 Indane bottling plants. 92 Aviation Fuel Station cater to the Aviation Industry, Defence as well as Civil. During 2000-01, 310 retail outlets were commissioned, raising the total number of company's retail outlets to 7,549. 2001 - The Indian Oil Corporation has planned a capital expenditure of Rs 5,850 crore during the current fiscal, for which it would raise Rs 940 crore from market borrowings. The cash-strapped Indian Oil Corporation (IOC) has sought a Rs 1,500-2,000 crore loan from the Oil Industry Development Board (OIDB) to meet its working capital requirement. Assam Oil Division of IOC In past two decades, IOC invested around Rs 1500 crores to turn Digboi refinery into a modern refinery. Which is now 100 years old still running well.. - The company has also completed the restructuring of marketing set up to improve response to the customer needs and 15 state offices have become fully operational. In the overseas business, the company continues to explore new opportunities and coordinate business activities between its various overseas offices at Dubai, Kuwait, Kuala Lumpur and Mauritius. 2002 - RPL-IOC tie- up skids on Hydrocarbon Vision 2025 - Indian Oil Corporation (IOC) and Sundaram Finance Ltd announced the commissioning of of their co-branded, value-added, fleet card- Powerplus, to be available in two options-debit and credit card. -New IOC chief M S Ramachandran on April 1st took over as chairman of the company. -IOC signs MoU with Ceylon Petroleum Corporation to retail petrol and diesel in Sri Lanka. - Indian Oil Corporation (IOC) has signed a deal with Nepal Oil Corporation for a five-year supply and a technical expertise agreement with effect from April 1, 2002. - Indian Oil Corporation will be selling auto fuels in Sri Lanka by taking over 100 retail outlets of Ceylon Petroleum Corporation. The company has signed the memorandum of understanding with Ceylon Petroleum - V.K. Chaudhri takes charge at regional level. - IOC, Gujarat Positra tie-up to set up petroleum infrastructure. - Indian Oil Corporation (IOC) introduced a new customer service called 'tank truck security system' in Andhra Pradesh. - Indian Oil Corporation has signed a one year $100 million term contract to supply 30,000 tonnes of diesel and 10,000 tonnes of jet fuel a month to Sri Lanka. - Indian Oil Corporation (IOC) tied-up with the Bhushan Group of Industries to supply petroleum products. - IOC launches Eco-friendly fuel 'Autogas'. - Indian Oil Corporation (IOC) has opened a 100 per cent subsidiary and floated a joint venture company in partnership with Ceylon Petroleum Corporation in Sri Lanka. Lanka IOC Ltd. - The Indian Oil Corporation (IOC) launched the country's first high-octane petrol and superior quality diesel 'IOC Premium' and 'Superior Diesel'. - IOC signs agreement with Gujarat Port for crude oil handling. -N.R. Raje appointed as Director of IOC R&D. -Indian Oil Corporation Ltd has informed that Shri Naresh Kumar Nayyar has been appointed as Additional Director and designated as Director (Planning & Business Development) with effect from October 10, 2002.Shri Naresh Narad, a government nominee representing Ministry of Petroleum and Natural Gas on the Board of the company ceased to be a Director with effect from November 11, 2002. - IOC ties up with Tata for Lubricant supply. - IOC ties up with Citibank-unveils co-branded debit card. - Shri M.S. Srinivasan appointed as additional director on the Board of IOC. - IOC ties up with Honeywell for re-engineering project. 2003 - Dr A K Bhatnagar ceases to be a Director of Indian Oil Corp. - IOC introduces eco-friendly auto LPG in eastern India. - Indian Oil Corporation unveiled higher-octane petrol and additive-reinforced diesel in Chennai. The petrol, called `IOC premium petrol' has an octane rating of 91, vis-…-vis the normal 88 octane petrol. - Indian Oil Corporation Ltd has informed BSE that Dr A K Bhatnagar, Director (R&D) has superannuated from the services of the Corporation on December 31, 2002 and consequently ceases to be a Director (R&D) of the Company. The corporation has further informed that Shri N R Raje has been appointed as an Additional Director and designated as Director (R&D) effective January 01, 2003 in place of Dr A K Bhatnagar. - Railways enters into a joint venture with IOC for production of bio-diesel. - Indian Oil Corporation Ltd has informed that 1) Shri Shivraj Singh, a Government nominee representing Ministry of Petroleum & Natural Gas on the Board of the company ceased to be a Director effective March 14, 2003. 2) Shri A.K. Arora, Director (Refineries) on the Board of the company has ceased to be a Director consequent upon superannuation effective March 31, 2003. 3) Shri Jaspal Singh has been appointed as Additional Director and designated as Director (Refineries) effective April 01, 2003. - IOC rolls out 'IOC Xtra' programme for My Shoppe card - IOC inks agreement to import 7.5 mt crude oil from Kuwait. - IOC foray into an alliance with Total for R&D, marketing. - IOC ties up BSNL to sell each others product. - Indian Oil Corporation Ltd has informed that Dr. Surajit Mitra (A government Nominee) representing Ministry of Petroleum & Natural Gas on the Board of the Company has ceased to be a Director effective July 16, 2003. - IOC, Tata Motors enter into MoU to promote marketing services. - IOC sign pact with BP for crude imports from Egypt. - Indian Oil Corporation Ltd has informed the following changes in Board of Directors of the company: 1. Shri P M Sinha, V Ranganathan, V K Agrawal have been appointed as Additional Directors (Part time non official directors) effective August 28, 2003. 2. Dr R K Pachauri, Shri L Sabaretnam and Shri M Kalyanasundaram ceased to be directors (part time non official directors) effective August 28, 2003. 3. Dr N G Kannan has been appointed as additional director and designated as director (Human Resources) effective September 1, 2003 in place of Shri A K Mitra who ceased to be director (Human Resource) effective August 31, 2003. - Indian Oil Corporation Ltd has informed that Shri Badal Kumar Das, a government nominee, representing Ministry of Petroleum & Natural Gas has been appointed as Additional Director on the board of the company. - Visakhapatnam's Indian Oil Corporation has launched gasohol petrol mixed with 5 % ethanol on September 11. -Unveils new campaign called `bagful of offers' from September 1 to promote premium petrol -Indian Oil Corporation has inked an loan agreement with Singapore based BNP Paribas, to mop up $100 million oil import financing facility for one year. 2004 -Launches its premium, hi-octane petrol, Xtra Premium in Visakhapatnam -BIFR grants IOC to take legal action against Konaria Ind - Indian Oil Corporation (IOC) will float a special purpose vehicle (SPV) for building 5 million tonne (mt) of strategic oil reserves at an estimated cost of Rs 1,640 crore. -IOC awards Rs 20 cr order to Bhart Heavy Electricals Ltd -Indian Oil Corporation Ltd has informed that IndianOil being a Government Company, the office of the Comptroller & Auditor General of India has appointed M/s Suresh Chandra & Associates and M/s Lovelock & Lewes to be the statutory auditors of the Company for the financial year 2003-04 in place of M/s Jagdish Chand & Co. and M/s P K Mitra & Co. respectively. -IOC inks pact with Coffee Day Xpress -IOC unveils Servo brand in UAE -Orissa, IOC ink pact for Paradip refinery -Ties up with Essar Steel for LNG (Liquefied natural Gas) sale -Indian Oil and BSNL have tied up with the Chennai-based e-Logistics for providing a low-cost, real-time truck tracking facility for fleet owners - Indian Oil Corporation (IOC) has emerged as the No 1 company in oil trading among national oil companies in the Asia-Pacific region. -IOC secures top slot in Forbes 2000 list -Ashok Leyland Ltd (ALL) and Indian Oil Corporation (IOC) have joined hands to offer freight management services across the country -Bharat Sanchar Nigam Ltd (BSNL) on April 12 launched the sale of its products and services at the IndianOil Corporation's (IOC) outlets in Chennai -Oil marketing major IOC has tied up with L&T and EIL to bid for pipeline and refinery revamp projects in Iran , Oman and Sudan -Indian Oil Corporation and Citibank unveils IndianOil Citibank Gold Credit Card with a fuel loyalty programme -- Indian Oil Corporation Ltd (IOC) has finalised a deal with Reliance Industries Ltd for offtake of diesel, motor spirits, kerosene and liquefied petroleum gas (LPG) from the latter -IOC inks pact with IIM-A -IOC on June 26 signed a memorandum of understanding with HPCL -ABB Lummus Global has been selected by Indian Oil Corporation to replace an existing feed effluent heat exchanger in the catalytic reforming unit at its refinery in Mathura -The national technology award for successful commercialisation of indigenous technology was awarded to Indian Oil Corporation Ltd on June 30, 2004, for commercialisation of the conversion of the residue and other heavy hydrocarbons into LPG and high-octane gasoline using INDIMAX catalyst in a fluidised bed reactor regenerated system -IOC kicks off largest LAB plant in Gujarat -On September 09, 2004, signs memorandum of understanding with Nepal Oil Corporation for laying a 35 kilometre product pipeline between Raxual and Amlekhganj. -IOC forges alliance with JK Tyres on October 20, 2004 -IOC inks pact with Usha International -IOC appoints Shri P K Sinha as Director with effect from December 22, 2004. 2005 - A Consortium of Indian Oil Corporation (IOC) and Oil India Ltd (OIL) has won an on shore oil block - Block 086 - in the highly prospective Sirte basin in Libya. -SpiceJet in alliance with IOC on May 05, 2005 - Gail India Ltd and Indian Oil Corporation Ltd (IOC) sign a Joint venture agreement on May 11, 2005 for implementation of city gas projects in Agra and Lucknow. -IOC joins hands with Turkey co to bid for Tupras Refinery -Gulf Oil ties up with Indian Oil for sale of car care products -IOC purchases 4 mn barrels of Nigerian crude -IOC inks pact with Ashok Leyland for use of engine oils 2006 -Indian Oil Corporation (IOC) and National Sugar Cooperative Federation (NSCF) entered into a memorandum of understanding for ethanol supply. -BIAL, IOC tie up for fuel station. -IOC inks pact with U21Global to give management training to employees. -IOC joins hand with IFP to offer management programmes. 2007 -Indian Oil Corporation Ltd (IOC) has appointed Shri. S Sundareshan as Director of the Company with effect from May 28, 2007. - IndianOil signs MoU with government of Chattisgarh for commercial biodiesel production - IndianOil signs MOU with UAE Exchange - IndianOil signs agreement with Pragati Power for supply of R-LNG to Bawana Power Plant 2008 - IndianOil ties up with HUL for Kwality Walls Kiosks at Petrol Stations - IndianOil's MoU with Govt. focuses on ushering in cleaner and sustainable energy sources - IndianOil signs MoU with Transparency International India for implementing Integrity Pact - IndianOil's "LNG at Doorstep" facility inaugurated at H&R Johnson 2009 - IndianOil moves up 11 places in the Fortune `Global 500' list, ranked 105 - IndianOil receives the MoU Excellence Award 2007-08 - IndianOil and Adani Energy Limited (AEnL) sign MoU on City Gas Distribution - IndianOil Chairman Sarthak Behuria Conferred 'SCOPE Individual Excellence Award' - IndianOil signs MoU with PA LLC of Florida -Indian Oil Corporation has given the Bonus in the Ratio of 1:1 2010 - Indian Oil Corporation Ltd has appointed Mr. Sudhir Bhargava, Additional Secretary, Ministry of Petroleum and Natural Gas, Government of India as Director of the Company with effect from March 23, 2010. - Indian Oil Corporation Ltd has appointed Dr. R. K. Malhotra, as Director(Research & Development) of the Company with effect from August 05, 2010. 2011 -The historic Digboi Refinery bagged the third prize in the category of environmental campaign at the 33rd All India Public Relations Society of India Awards held at Nagpur (Maharashtra) recently. -Indian Oil Corporation Limited (IndianOil) has raised over Rs. 1,400 crore from the Indian Bond Markets after a gap of nearly two and half years. -IndianOil, India's flagship energy corporate, continued to lead the set of Indian companies in the prestigious Fortune Global 500 listing of the world's largest companies by sales for the year 2011 with an overall ranking of 98. 2012 -Oil India Limited (OIL) and Indian Oil Corporation (IOCL) have jointly acquired a stake in Carrizo's liquid rich shale assets in the Niobrara basin in Colorado, USA through their wholly. -IndianOil (IOC) has now launched a new engine oil SERVO 4T SYNTH with advanced synthetic chemistry, for use by two-wheelers. -Petroleum & Natural Gas and Corporate Affairs launched IndianOil's Mobile Healthcare Scheme, a Corporate Social Responsibility (CSR) initiative of IndianOil. -Indian Oil Corporation's (IndianOil) Rural Mobile Health Scheme (Sachal Swasthya Seva), launched as part of its corporate social responsibility (CSR) agenda, was formally inaugurated on all-India basis. -IndianOil, India's largest commercial enterprise and the highest ranked Indian company in the Fortune `Global 500'listing, has bagged the coveted Corporate Sustainability Vision Award 2012. 2013 -IOC plans capacity expansion at Doimukh depot -IOCL inks MoU for Rs 5-k cr natural gas terminal in Odisha 2014 -IndianOil conferred SCOPE Meritorious Award for CSR and Responsiveness by the Hon'ble President of India -IndianOil R&D wins National Awards for Technology Innovation -IndianOil wins BML Munjal Award for Business Excellence 2015 -Indian Oil Corporation commenced construction work on its proposed 4 MW solar power project at Muttam village in the distric -IOC inks MoU with Nepal Oil Corporation 2016 -IOC signs agreement to buy stake in Taas-Yuriakh oil field. -IOC announces Rs 1.80-trn investment plan in next 6 years. -IOC gets USTDA grant for refinery modernisation. -IOCL board approves expansion of Barauni Refinery. -Indian Oil Corporation Ltd has informed issuance of bonus shares in the ratio of 1:1 i.e. one new bonus equity share of Rs. 10/- each for every one existing equity share of Rs. 10/- each held. 2017 - Indian Oil to set up 28 petrol outlets on TSRTC lands." & "IOC to set up ethanol plant in Panipat" - Indian Oil Corporation (IOCL) has decided to set up a second generation ethanol plant over an area of 50 acres at Panipat in Haryana, - IOC, LanzaTech sign deal to build off gas-to-bioethanol unit 2018 -IOC buys third shipload of US crude oil. - Indian Oil Corp announces of Bonus Shares in the ratio of 1:1. -IOC to buy 4% stake in LanzaTech. - IOCL providing LPG connections to Arunachal under PMUY. 2019 -Decks cleared for Indian Oil's Rs 800 crore ethanol plant in Gorakhpur. - IOCL gets environment clearance to set up Rs 766cr 2G ethanol plant in Panipat. 2020 -IOC sees 30% rise in LPG cylinder demand 2021 -Indian Oil Corporation receives upgrade in credit ratings. -Indian Oil Corporation acquires 5% stake of Indian Energy Exchange's subsidiary -Indian Oil Corp - Investment Approval For New Crude Oil Pipeline From Mundra (Gujarat) To Panipat (H). 2022 -IndianOil bags the Global Healthy Workplace Award as the first Indian PSU. -IndianOil launched 3rd phase of `Parivartan-Prison to Pride'. -IndianOil signs MoU with National Tiger Conservation Authority (NTCA) for Transcontinental Relocation of `Cheetah' in its historical range in India. -IndianOil & NTPC sign agreement for powering IndianOil refineries with renewable energy. -IndianOil becomes the first Oil Marketing Company to produce and market AVGAS 100 LL in the country. 2023 -Indian Oil Corporation Limited has informed the Exchange regarding 'Formation of Joint Venture Companies for setting up Compressed Biogas (CBG) projects'. -IndianOil launches benefits & services for Maruti Suzuki Rewards members. -IndianOil welcomes World No. 1 Para-Archer, Ms. Sheetal Devi, into its Illustrious Sporting Roster -IndianOil enters into MoU with Paralympics Committee of India; pledges support to the Indian Contingent of Para Athletes -IndianOil launches Phase V of `Parivartan- Prison to Pride' & Phase II of `Nayi Disha - Smile for Juvenile. 2024 -Indian Oil Corporation Limited has informed the Exchange regarding 'Investment approval for Yarn Project at Bhadrak. -IOCL signed MOU with RINL for the supply of hydraulic and lubricating oils & greases for a period of 5 years from 2024 to 2029. -IOCL BOD approved construction of Greenfield Terminal at Bihta, Patna, Bihar on Barauni-Kanpur product Pipeline and Patna-Motihari-Baitalpur Pipeline. -IOCL has informed the Exchange about Acquisition of Mercator Petroleum Limited.