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Project on Indian Oil

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A Project Report On

THE BRAND EXCELLENCE ON INDIAN OIL CORPORATIONSubmitted to Indian Oil Corporation Limited

Submitted by

Mohammed Yasir Ruknuddin REG NO:08b61626In partial fulfillment of the requirement for the Degree Of

BACHELOR OF BUSINESS ADMINISTRATION KARNATAKA UNIVERSITY, DHARWADAt

ANJUMAN INSTITUTE OF MANAGEMENT1

2009-2010

BHATKAL

CERTIFICATE

This is to certify that Mr. MOHAMMED YASIR RUKNUDDIN of B.B.A 2nd year (Reg. No. 08b61626) had successfully undergone the implant training of 30 days in KAMAKSHI PETROL BUNK BHATKAL and had submitted this report entitled THE BRAND EXCELLENCE ON INDIAN OIL CORPORATION for the year 2009-10 in partial fulfillment of the requirements for the award of Bachelor Degree in Business Administration of Karnataka University Dharwad under the guidance of Prof. SHABNAM

PRINCIPAL (Prof. ZAFARULLAH KOKATNUR)

Prof. SHABNAM (Internal Guide)

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DATE:16/01/2010 PLACE: BHATKAL

DECLARATION

I here by declare that this project report entitled THE BRAND EXCELLENCE

ON INDIAN OIL CORPORATION is prepared by me towards the partial fulfillmentof the requirement of the Bachelor of Business Administration course of the Karnataka University, Dharwad, under the guidance of Miss Shabnam Savanur I also declare that this project report has not been submitted at any time to any other university.

Name: MOHAMMED YASIR RUKNUDDIN

Reg. No: 08b61626

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Date:16/01/2010 Place: BHATKAL

Acknowledgement

A formal statement of acknowledgement will hardly meet the ends of the justice in the matter of expression of my deeply felt sincere and allegiant gratitude to all those who encouraged me and helped me during my study.

It gives me immense pleasure, to express my unfeigned and sincere thanks and gratitude to Miss. SHABNAM SAVANUR faculty Anjuman Institute Of Management for her assistance, advice and support throughout the preparation of this report.

I express my sincere thanks to our beloved principal Prof. ZAFRULLAH KOKATNUR, for giving valuable support and encouragement in preparing this report.

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I am also thankful to Mr.NAGESH BHAT for giving me valuable information regarding his concern.

I am also very thankful to all my respondents who took time out of their busy schedules and helped me in carrying out this project.

TABLE OF CONTENTS1. Introduction 2. Company Profile Petrochemicals Oil Exploration & Production Gas Bio-fuels Wind Energy Business Consultancy Globalization Initiatives

PAGE NO6 8

3. Objectives & Obligations 4. Directors review Refineries Pipelines Marketing

12 23

5

Research & development Planning & business development Finance Human resources

5. Awards and recognition

33 34 40 42 46

6. Management 7. Major units 8. Major projects 9. Business Refining Pipelines Marketing R&D Petrochemicals Gas E&P Integrity pack Environment IndianOil Academic Scholarships IndianOil Sports Scholarship Corporate Social Responsibility Global Compact Initiative

10. Initiatives

57

11. Recognitions 64

Distinctions Awards & Accreditations

12. Annexure 13.An Introduction to Kamakshi Auto Service

74 806

14. Conclusion, Suggestion & finding 15. Bibliography

81 82

INTRODUCTIONIOC (Indian Oil Corporation) was formed in 1964 as the result of merger of Indian Oil Company Ltd. (Estd. 1959) and Indian Refineries Ltd. (Estd. 1958). Indian Oil Corporation Ltd. is the highest ranked Indian company in the prestigious Fortune Global 500. It was ranked at 135th position in 2007. It is also the 20th largest petroleum company in the world. Indian Oil Corporation Ltd. is currently India's largest company by sales with a turnover of Rs. 247,479 crore (US $59.22 billion), and profit of Rs. 6963 crore (US $ 1.67 billion) for fiscal 2007. Indian Oil and its subsidiaries today accounts for 49% petroleum products market share in India.

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Indian Oil group has sold 59.29mn tonnes of Petroleum including 1.74mn tonnes of Natural gas in the domestic market and exported 3.33mn tonnes in the yr 2007-08.

VISION OF IOCL A major diversified, transnational, integrated energy company, with national leadership and a strong environment conscience, playing a national role in oil security & public distribution.

MISSION OF IOCL IOCL has the following mission: To achieve international standards of excellence in all aspects of energy and diversified business with focus on customer delight through value of products and services and cost reduction. To maximize creation of wealth, value and satisfaction for the stakeholders. To attain leadership in developing, adopting and assimilating state-of- the-art technology for competitive advantage. To provide technology and services through sustained Research and Development. To foster a culture of participation and innovation for employee growth and contribution.8

To cultivate high standards of business ethics and Total Quality Management for a strong corporate identity and brand equity. To help enrich the quality of life of the community and preserve ecological balance and heritage through a strong environment conscience.

VALUES OF IOCL Values exist in all organizations and are an integral part of any it. Indian Oil nurtures a set of core values: CARE INNOVATION PASSION TRUST

COMPANY PROFILEIndias flagship national oil company and downstream petroleum major, Indian Oil Corporation Ltd. (IndianOil) is celebrating its Golden Jubilee in 2009. It is India's largest commercial enterprise, with a sales turnover of Rs. 2, 85,337 crore the highest-ever for an Indian company and a net profit of Rs. 2, 950 crore for the year 2008-09. IndianOil is also the highest ranked Indian company in the prestigious Fortune 'Global 500' listing, having moved up 11 places to the 105th position in 2009. Indias Flagship National Oil Company Incorporated as Indian Oil Company Ltd. on 30th June, 1959, it was renamed as Indian Oil Corporation Ltd. on 1st September, 1964 following the merger of Indian Refineries Ltd. (established 1958) with it. IndianOil and its subsidiaries account for approximately 48% petroleum products market share, 34% national refining capacity and 71% downstream sector pipelines capacity in India.

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For the year 2008-09, the IndianOil group sold 62.6 million tonnes of petroleum products, including 1.7 million tonnes of natural gas, and exported 3.64 million tonnes of petroleum products. The IndianOil Group of companies owns and operates 10 of India's 20 refineries with a combined refining capacity of 60.2 million metric tonnes per annum (MMTPA, .i.e. 1.2 million barrels per day). These include two refineries of subsidiary Chennai Petroleum Corporation Ltd. The Corporation's cross-country network of crude oil and product pipelines, spanning over 10,000 km and the largest in the country, meets the vital energy needs of the consumers in an efficient, economical and environment-friendly manner. IndianOil is investing Rs. 43,400 crore (US $10.8 billion) during the period 2007-12 in augmentation of refining and pipeline capacities, expansion of marketing infrastructure and product quality upgradation as well as in integration and diversification projects. Network Beyond Compare As the flagship national oil company in the downstream sector, IndianOil reaches precious petroleum products to millions of people everyday through a countrywide network of about 35,000 sales points. They are backed for supplies by 167 bulk storage terminals and depots, 101 aviation fuel stations and 89 Indane (LPGas) bottling plants. About 7,335 bulk consumer pumps are also in operation for the convenience of large consumers, ensuring products and inventory at their doorstep. IndianOil operates the largest and the widest network of petrol & diesel stations in the country, numbering over 18,278. It reaches Indane cooking gas to the doorsteps of over 53 million households in nearly 2,700 markets through a network of about 5,000 Indane distributors. IndianOil's ISO-9002 certified Aviation Service commands over 63% market share in aviation fuel business, meeting the fuel needs of domestic and international flag carriers, private airlines and the Indian Defence Services. The Corporation also enjoys a dominant share of the bulk consumer business, including that of railways, state transport undertakings, and industrial, agricultural and marine sectors. Technology Solutions Provider IndianOil's world-class R&D Centre is perhaps Asia's finest. Besides pioneering work in lubricants formulation, refinery processes, 10

pipeline transportation and alternative fuels, the Centre is also the nodal agency of the Indian hydrocarbon sector for ushering in Hydrogen fuel economy in the country. It has set up a commercial Hydrogen-CNG station at an IndianOil retail outlet in New Delhi this year. The Centre holds 214 active patents, including 113 international patents. IndianOil has joined the league of global technology providers last year with the selection of its in-house developed INDMAX technology (for maximising LPGas yield) for the 4 MMTPA Fluidised Catalytic Cracking (FCC) unit at the Corporation's upcoming 15 MMTPA grass roots refinery at Paradip in Orissa, as well as for the FCC unit coming up at BRPL. A wholly-owned subsidiary, IndianOil Technologies Ltd., is engaged in commercialising the innovations and technologies developed by IndianOil's R&D Centre. Customer First At IndianOil, customers always get the first priority. New initiatives are launched round-the-year for the convenience of the various customer segments. Exclusive XTRACARE petrol & diesel stations unveiled in select urban and semiurban markets offer a range of value-added services to enhance customer delight and loyalty. Large format Swagat brand outlets cater to highway motorists, with multiple facilities such as food courts, first aid, rest rooms and dormitories, spare parts shops, etc. Specially formatted Kisan Seva Kendra outlets meet the diverse needs of the rural populace, offering a variety of products and services such as seeds, fertilisers, pesticides, farm equipment, medicines, spare parts for trucks and tractors, tractor engine oils and pump set oils, besides auto fuels and kerosene. SERVOXpress has been launched recently as a one-stop shop for auto care services. To safeguard the interest of the valuable customers, interventions like retail automation, vehicle tracking and marker systems have been introduced to ensure quality and quantity of petroleum products. Widening Horizons To achieve the next level of growth, IndianOil is currently forging ahead on a well laid-out road map through vertical integration upstream into oil exploration & production (E&P) and downstream into petrochemicals and diversification into natural gas marketing, bio fuels, wind power projects, besides globalisation of its downstream operations.

PetrochemicalsIn petrochemicals, IndianOil is envisaging an investment of Rs. 20,000 crore (US$ 4 11

billion) by the year 2011-12. Through the worlds largest single-train Linear Alkyl Benzene (LAB) plant with an annual capacity of 1,20,000 tonnes set up at its Gujarat Refinery, the Corporation has already captured a significant market share of LAB in India, besides exporting the product to Indonesia, Turkey, Thailand, Vietnam, Norway and Oman. A world-scale Paraxylene/Purified Terephthalic Acid plant (annual capacities: PX 3,63,000 tonnes, PTA 5,53,000 tonnes) for polyester intermediates is already in operation at Panipat, while a Naphtha Cracker with a capacity of 800,000 tonnes of ethylene per annum, 6,00,000 TPA of Propylene, besides an annual production of 3,25,000 TPA of Mono Ethylene Glycol, 1,40,000 TPA of Butadiene, 6,50,000 TPA of Polyethylene and 6,00,000 TPA of Polypropylene, equipped with downstream polymer units is to be completed by December 2009 at Panipat. A grassroots refinery at Paradip is proposed to be completed by the year 2011-12, subsequently followed by the setting up of an integrated petrochemical plants with an estimated investment of Rs 12,000 crore (US$ 2.5 billion) which will further strengthen the Corporations presence in the sector.

Oil Exploration & ProductionIn E&P, IndianOil has non-operator participating interest in seven oil & gas blocks awarded under various NELP (New Exploration Licensing Policy) rounds and two Coal Bed Methane blocks in India, in consortium with other companies. In addition, IndianOil has two onshore type S NELP blocks, with 100% participating interest (PI) and sole operatorship. It also has participating interest in an onshore block in Assam and Arunachal Pradesh through a farm-in. Overseas ventures of the Corporation includes two blocks (86 and 102/4) in Sirte Basin and Areas 95/96 in Ghadames basin of Libya, Farsi Exploration Block in Iran, onshore farm-in arrangements in one block in Gabon, one on land block in Nigeria, one deepwater offshore block in Timor-Leste and two onshore blocks in Yemen. In all, IndianOil has 12 domestic exploration blocks, including 2 blocks where gas discoveries have been made and 9 overseas exploration blocks, & the Farsi block in Iran where commerciality of gas discovery has been established. IndianOil has incorporated Ind-OIL Overseas Ltd. a special purpose vehicle for acquisition of overseas E&P assets in Port Louis, Mauritius, in consortium with Oil India Ltd. (OIL).

Gas12

In natural gas business, IndianOil sold 1.849 million tonnes of the product in 200809. A technology innovation has been initiated to reach LNG (Liquefied Natural Gas) directly to the doorstep of bulk consumers in cryogenic containers for industrial as well as captive power applications. To consolidate its city gas distribution (CGD) business, IndianOil has tied up with several players such as Adani Energy, Reliance Gas Corporation, OIL and ONGC, etc., to set up joint ventures in various cities of India. The Corporation has also entered into franchise agreements with CGD players such as Indraprastha Gas Ltd., Mahanagar Gas Ltd., Adani Energy Limited, GEECL, SITI Energy and GSPC Gas Ltd. to market CNG through its retail outlets

Bio-fuelsTo straddle the complete bio-fuel value chain, IndianOil formed a joint venture with the Chhattisgarh Renewable Development Authority (CREDA) with an equity holding of 74% and 26% respectively. IndianOil CREDA Biofuels Ltd. has been formed for carrying out farming, cultivating, manufacturing, production and sale of biomass, bio-fuels and allied products and services. A pilot project of jatropha plantation on 600 hectares of revenue wasteland is underway in Jhabua district in Madhya Pradesh to ascertain the feasibility of revenue land-based commercial biodiesel units and to develop benchmarks for plantation costs and output. IndianOil has also signed an MoU with M/s Ruchi Soya Industries Ltd. to take up contract farming on one lakh hectare of private and panchayat wasteland in the state of Uttar Pradesh.

Wind Energy BusinessIndianOiI has forayed into wind energy business with the commissioning of a Rs. 130 crore, 21 MW wind power project in the Kutch district of Gujarat. The cumulative power generation from the 14 wind turbine generators has crossed 159 lakh KW since commissioning in January 2009. It has also commissioned two pilot solar lantern charging stations at its Kisan Seva Kendra at Sathla near Meerut and Chokoni near Bareilly.

Consultancy13

For over two decades now, IndianOil has been providing technical and manpower secondment services to overseas companies. Such services have been extended to Emirates National Oil Company (ENOC), Kenya Pipeline Company and Aden Refinery, Yemen . For the first time, SAP implementation / IT consultancy was provided in Sri Lanka. Consultancy on pipelines was provided to Greater Nile Petroleum Operating Company (GNPOC), Sudan.

Globalization InitiativesIndianOil has set up subsidiaries in Sri Lanka, Mauritius and the United Arab Emirates (UAE), and is simultaneously scouting for new business opportunities in the energy markets of Asia and Africa.

Lanka IOC Plc (LIOC)Lanka IOC Ltd. operates about 150 petrol & diesel stations in Sri Lanka, and has a very efficient lube marketing network. Its major facilities include an oil terminal at Trincomalee, Sri Lanka's largest petroleum storage facility and an 18,000 tonnes per annum capacity lubricants blending plant and state-of-the-art fuels and lubricants testing laboratory at Trincomalee. Presently, it holds a market share of about 40%. In a highly competitive bunker market, catering to all types of bunker fuels and lubricants at all ports of Sri Lanka, viz., Colombo, Trincomalee and Galle. It is the major supplier of lubricants and greases to the three arms of the Defence services of Sri Lanka. LIOC's market share in petrol increased stands at 24.8% in 2008 with an overall market share of 16.9%.

IndianOil (Mauritius) Ltd. (IOML)IndianOil (Mauritius) Ltd. has an overall market share of nearly 22% and commands a 35% market share in aviation fuelling business, apart from its bunkering business. It operates a modern petroleum bulk storage terminal at Mer Rouge port, besides 17 filling stations. In addition to the ongoing expansion of retail network, IOML has to its credit the first ISO-9001 product-testing laboratory in Mauritius.

IndianOil Middle-East FZE (IOME)The Corporation's UAE subsidiary, IOC Middle East FZE, which oversees business expansion in the Middle East, is mainly into blending and marketing of SERVO lubricants and marketing of petroleum products in the Middle East, Africa and CIS countries. Finished lubes were exported to Oman , Qatar , Yemen , Bahrain , UAE and Nepal .

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Objectives & ObligationsObjectives: To serve the national interests in oil and related sectors in accordance and consistent with Government policies. To ensure maintenance of continuous and smooth supplies of petroleum products by way of crude oil refining, transportation and marketing activities and to provide appropriate assistance to consumers to conserve and use petroleum products efficiently. To enhance the country's self-sufficiency in crude oil refining and build expertise in laying of crude oil and petroleum product pipelines. 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 optimise utilisation of refining capacity and maximize distillate yield and gross refining margin. To maximise utilisation of the existing facilities for improving efficiency and increasing productivity. To minimise fuel consumption and hydrocarbon loss in refineries and stock loss in marketing operations to effect energy conservation. To earn a reasonable rate of return on investment. To avail of all viable opportunities, both national and global, arising out of the Government of Indias policy of liberalisation and reforms. 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. To ensure adequate return on the capital employed and maintain a reasonable annual dividend on equity capital. To ensure maximum economy in expenditure.

Financial Objectives

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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 Corporations 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. Towards customers and dealers:- To provide prompt, courteous and efficient service and quality products at competitive prices. Towards suppliers:- To ensure prompt dealings with integrity, impartiality and courtesy and help promote ancillary industries. Towards employees:- To develop their capabilities and facilitate their advancement through appropriate training and career planning. To have fair dealings with recognised representatives of employees in pursuance of healthy industrial relations practices and sound personnel policies. Towards community:- To develop techno-economically viable and environmentfriendly products. To maintain the highest standards in respect of safety, environment protection and occupational health at all production units. Towards Defence Services:- To maintain adequate supplies to Defence and other paramilitary services during normal as well as emergency situations.

Obligations

Group CompaniesExpanding Horizons IndianOil is currently metamorphosing from a pure sectoral company with dominance in downstream in India to a vertically integrated, transnational energy behemoth. The Corporation is already on the way to becoming a major player in petrochemicals by integrating its core refining business with petrochemical activities, besides making large investments in E&P and import/marketing ventures for oil&gas in India and abroad. With a vision to evolve into a major technology provider through excellence in management of knowledge and innovation, IndianOil has launched IndianOil Technology Ltd. to market the16

intellectual properties developed by IndianOil's R&D Centre.

Joint Ventures (As on 31.03.2009)Name of JV Date of Promoters & Equity Incorporatio n 04.11.1993 IndianOil & Balmer Lawrie : 25% each Neden BV, the Netherlands: 50% Area(s) of Operation

Avi-Oil India Limited

IOT Infrastructure & Energy Services Ltd. (Formerly known as Indian Oiltanking Limited)

28.08.1996

IndianOil & Oiltanking GmbH, Germany: 50% each

To blend, manufacture and sell synthetic, semi synthetic and mineral based lubricating oils, greases and hydraulic fluids, related products and specialties for Defence and Civil Aviation uses. To build and operate terminalling services for petroleum products.

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IndianOil Petronas Private Limited

03.12.1998

IndianOil & Petronas, Malaysia: 50% each

Lubrizol India Private Limited

01.04.2000

Petronet LNG Limited

02.04.1998

Petronet India Limited

26.05.1997

Petronet VK Limited 21.05.1998

Petronet CI Limited

07.12.2000

To construct and import facilities for LPG import at Haldia and to engage in parallel marketing of LPG. IndianOil & Lubrizol To manufacture and Corporation, USA: 50% each market chemicals for use as additives in fuels, lubricants and greases. IndianOil, BPCL, GAIL India Development of facilities Limited for import and & ONGC: 12.50% each regasification of LNG at Gaz de France International: Dahej and Kochi. 10% Asian Development Bank: 5.2% Public :34.8% IndianOil :18% BPCL & To implement petroleum HPCL:16% each products, pipeline projects Reliance Industries Limited, through Special Purpose IL&FS Trust Company Vehicles. Limited, ICICI Bank Ltd., State Bank of India & Essar Oil Limited:10% each IndianOil & Petronet India To construct and operate a Limited pipeline for transportation : 26% each, of petroleum products Reliance Industries Limited from Vadinar to Kandla. & Essar Oil Limited:13% each, SBI, GIIC, Kandla Port Trust, Infrastructure Leasing & Financial Services Limited: 05% each; Canara Bank: 02% each IndianOil, Petronet India & To construct and operate a Reliance Petroleum Limited pipeline for evacuation of : 26% each petroleum products from Essar Oil Limited & BPCL RPL and EOL refineries : 11% each at Jamnagar as well as18

Green Gas Ltd.

07.10.2005

Indo Cat Pvt. Limited 01.06.2006

IndianOil & GAIL India Limited : 25% each, Infrastructure Development Finance Company Limited, IL&FS Investment Mangers Limited : 20% each Others: 10% IndianOil & Intercat Inc., USA: 50% each

from Gujarat Refinery at Koyali to feed the consumption zones at Central India. City Gas Distribution in Lucknow and Agra.

IndianOil Skytanking 21.08.2006 Limited

IndianOil Power 06.10.1999 Consortium Limited

Suntera Nigeria 205 Limited

09.05.2006

IndianOil-CREDA Biofuels Limited

06.02.2009

IndianOil, IOT Infrastructure & Energy Services Ltd. (Formerly IOTL) & Skytanking Holding GmbH, Germany: 33.33% each IndianOil & Marubeni To build and operate its Corporation, Japan: 50% each own power generation plant at Panipat utilizing Petcoke from Panipat Refinery. IndianOil & Oil India: 25% Investments in oil and gas each industry especially in the Suntera Resources Ltd., upstream sector Cyprus: 50% IndianOil: 74%, Chattisgarh Farming, cultivating, Renewal Energy Development manufacturing, production Agency : 26% and selling biomass, biofuels and allied products & services

Manufacturing & marketing of FCC catalysts and additives. Design, finance, construct, operate & maintain aviation fuel facility projects.

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50 Golden Years in the Service of the Nation

Indias flagship national oil company and downstream petroleum major, Indian Oil Corporation Ltd. (IndianOil) is celebrating its Golden Jubilee during 30th June - 1st September 2009. Established as an oil marketing entity on 30th June 1959, Indian Oil Company Ltd. was renamed Indian Oil Corporation Ltd. on 1st September 1964 following the merger of Indian Refineries Ltd. (established in August 1958) with it. The integrated refining & marketing entity has since grown into the countrys largest commercial enterprise and Indias No.1 Company in the prestigious Fortune Global 500 listing of the worlds largest corporates, currently at the 116th position. It is also the 18th largest petroleum company in the world. IndianOil Today From a fledgling company with a net worth of just Rs. 45.18 crore and sales of 1.38 million tonnes valued at Rs. 78 crore in the year 1965, IndianOil has since grown over 3000 times with a sales turnover of Rs. 285,337 crore, the highest ever for an Indian company, and a net profit of Rs. 2,950 crore for 2008-09. Set up with the mandate of achieving self-sufficiency in refining and marketing operations for a nascent nation set on the path of economic growth and prosperity, IndianOil today accounts for nearly half of Indias petroleum consumption, reaching precious petroleum products to millions of people everyday through a countrywide network of around 35,000 sales points. They are backed for supplies by 167 bulk storage terminals and depots, 101 aviation fuel stations and 89 Indane LPG bottling plants. For the year 2008-09, IndianOil sold 62.6 million tonnes of petroleum products, including 1.7 million tonnes of natural gas.

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The IndianOil Group of companies owns and operates 10 of Indias 20 refineries with a combined capacity of over 60 MMTPA, accounting for 34% of national refining capacity, after excluding EOU refineries. Projects under execution will take the capacity further to 80 MMTPA by the year 2011-12. Besides setting up state-of-theart facilities to raise product quality to global standards, IndianOil has undertaken chartering of ships for crude oil imports on its own and is expanding its basket of crudes and upgrading its refineries to handle a wider array of crudes, including high-sulphur types. As a pioneer in laying of cross-country crude oil and product pipelines, the Corporation crossed 10,000 km in pipeline length and about 70 MMTPA in throughput capacity with the commissioning of the 330-km Paradip-Haldia crude oil pipeline recently. Plans are under execution to add about 4,000 km more by the year 2012. In-house capabilities have enabled the Corporation undertake all pipeline projects on its own and even offer turnkey expertise in techno-economic feasibility studies, design and detailed engineering, project execution, operations, maintenance and consultancy services. Set up in 1972, IndianOil's R&D Centre has blossomed into a world-class institution and Asia's finest. Besides its pioneering work in lubricants formulation, refinery processes, pipeline transportation and alternative fuels such as ethanol-blended petrol and bio-diesel, the Centre is also the nodal agency of the Indian hydrocarbon sector for ushering in Hydrogen fuel into the country. It has over 214 active patents to its credit, including 113 international patents. Its current R&D focus is on the future business needs of IndianOil in the areas of petrochemicals, including polymers, and alternative energy sources. Strategic Origins IndianOil was born of the vision of Pandit Jawaharlal Nehru, the first Prime Minister of India, to pursue a policy of self-sufficiency in the petroleum sector as a strategic requirement of a free nation. As part of Panditjis thrust on oil exploration, refining and marketing operations, Indian Refineries Ltd. was established in August 1958 under 100% Government ownership to erect refineries and lay petroleum pipelines. To take care of marketing of petroleum products across the country, Indian Oil Company Ltd., another 100% Government-owned Company, was formed on 30th June 1959. It was entrusted with the task of reaching petroleum products to every nook and corner of the nation, 21

overcoming severe constraints in terms of logistics, terrain and wide seasonal and regional fluctuations in demand. The marketing activities of Indian Oil Company began on 17th August 1960 with the receipt of the first parcel of 11,390 tonnes of imported diesel of Russian origin from MV Uzhgorod docked at Pir Pau Jetty in Mumbai. The Indian petroleum market at that time was ruled by goliaths like Burmah Shell, Esso Eastern Inc., Caltex (India) Ltd., Indo-Burmah Petroleum Co. Ltd and Assam Oil Company Ltd. Indian Oil Companys first and foremost challenge was to assert itself in the face of stiff competition from these well-entrenched transnational oil companies operating in India. In its first year of marketing (1960-61), the Companys volume sales was a meager 0.038 million tonnes (approximately 5% of industry sale) worth Rs. 0.8 crore. The first activity that Indian Refineries Ltd. undertook was the construction of a refinery at Noonmati near Guwahati in Assam with Rumanian help. The refinery was inaugurated by Pandit Jawaharlal Nehru himself in 1962, and processed Upper Assam crude oil received through an Oil India Ltd. (OIL) pipeline from Nahorkatiya. For product evacuation, the 435-km Guwahati-Siliguri pipeline and the Siliguri terminal were built and commissioned in 1964. Soon after, It was decided to set up two more refineries, one each at Barauni and Koyali for processing newlydiscovered crude oil at Assam and Gujarat respectively. The Barauni Refinery was built with Russian collaboration and went on stream in July 1964. The Koyali Refinery was also set up with technical assistance of Soviet Russia. IndianOil acquired control of the refinery from Oil & Natural Gas Commission on 1st April 1965 and commissioned it in October the same year after formal inauguration by the then President of India, Dr. S Radhakrishnan. Meanwhile, on 1st September 1964, Indian Refineries Ltd. was merged in Indian Oil Company to form a vertically integrated entity straddling both refining and marketing functions, and Indian Oil Company was renamed as Indian Oil Corporation Ltd. (IndianOil). While announcing the historic merger, Prof. Humayun Kabir, the then Union Minister of Petroleum & Chemicals, hoped that IndianOil would soon handle at least half of the trade in petroleum products. He was proved right within five years. By 1969, the Corporation was handling more than 50% of the total petroleum consumption of the nation and reached 64.2% market participation by the year 1974. Battle Spurs 22

As a veteran IOCian put it once, IndianOil has been genetically coded to serve the Defence services. This was proved beyond doubt during the 1965 war, when IndianOilPeople maintained the vital supply of petroleum products to the armed forces with grit and determination. In fact, the Srinagar depot was one of the first bulk storage facilities set up by the Corporation, in 1963. IndianOils entry into the aviation fuelling business too began with the Defence Services in October 1964 and then to civil aviation a year later, in November 1965. Another opportunity to show its mettle in times of national emergencies came IndianOils way during the 1971 war. In fact, in March 1972, during the war for liberation of Bangladesh, IndianOil even arranged for crude oil supplies to the Chittagong Refinery. After the war, the Corporation for the first time extended reservation in award of retail outlet dealerships to war widows, disabled Defence personnel, freedom fighters, etc., and continues to honour this tradition even now. At the time of Operation Vijay at Kargil in 1999, despite shelling of its depots at Leh and Kargil, IndianOil maintained petroleum supplies in the war zone and stood by the families of the war heroes later. Having proved its mettle in the 1965 war, IndianOil plunged into frenetic activity with new-found confidence setting up refineries, laying pipelines, building storage terminals and aviation fuel stations, entering new businesses like bitumen, marine bunkering, and appointing dealers and distributors across the country. The Haldia Refinery was set up in 1975, Mathura Refinery in 1982 and Panipat Refinery in 1998. The Corporation is setting up another grassroots refinery at Paradip in Orissa, for commissioning by the year 2012. Marketing Innovations Having set up Its first petrol & diesel station (retail outlet) at Kochi in October 1962, IndianOil currently operates the countrys largest network of retail outlets numbering over 18, 278 with focus on customer convenience. It was the first oil marketing company to introduce the concept of Multipurpose Distribution Centres (MPDCs) at its retail outlets located in rural areas way back in 1975. These MPDCs served as one-stop convenience shops, especially for farmers, and were the harbingers of the modern Kisan Seva Kendra (KSK) successfully introduced by IndianOil in 2006. As on date, over 2,550 specially formatted Kisan Seva Kendra outlets set up across the country meet the diverse needs of the rural populace, offering a variety of products and services such as seeds, fertilisers, pesticides, 23

farm equipment, medicines, spare parts for trucks and tractors, tractor engine oils and pumpset oils, besides auto fuels and kerosene. About 600 such Kendra are being added to the Corporations marketing network every year. IndianOil has been chosen as the Most Admired Retailer of the Year in the category of Rural Retailing at the India Retail Forum during 2008. As part of customer segmentation, exclusive XTRACARE outlets unveiled in select urban and semi-urban markets offer a range of value-added services to enhance customer delight and loyalty. Large format outlets on highways cater to the needs of motorists, with multiple facilities such as food courts, first aid, rest rooms and dormitories, spare parts shops, etc. SERVOXpress has been launched recently as a one-stop shop for autocare services. To safeguard the interest of the valuable customers, interventions like retail automation, vehicle tracking and marker systems have been introduced to ensure quality and quantity of petroleum products. Over the years, IndianOil has also launched several branded products, customerfocussed speciality products and customer rewards programmes. New generation branded transportation fuels with multifunctional additives are now available in major markets. Initiatives for cashless transactions for customer convenience through co-brand credit cards and fleet cards have met with great success. IndianOil also enjoys a dominant share of the bulk consumer business, including that of railways, state transport undertakings, and industrial, agricultural and marine sectors. Its ISO-9002 certified Aviation Service commands over 63% market share in aviation fuel business, meeting the fuel needs of domestic and international flag carriers, private airlines and the Indian Defence Services. Kitchen Revolution Indane was the first branded product from IndianOil to hit the market, at Kolkata in October 1965, with product sourced from its Barauni Refinery. Introduction of the clean and efficient LPG as cooking gas ushered in a revolution in millions of households. Encouraged by customer response and to ensure dedicated service, IndianOil undertook massive augmentation of LPG storage and distribution facilities across the country in 1983. The process continues even today with the setting up of 89 Indane bottling plants, mostly in upcountry locations for quicker turnaround of cylinders. Several innovations were introduced in LPG marketing from time to time, like mounded storage and 19-kg cylinders for bulk customers, reticulated supplies 24

for housing complexes and 5-kg cylinders for customers in inaccessible and hilly terrain. The Corporations in-house IndMax process is aimed at enhancing LPG yield from crude oil refining. Indane cooking gas today reaches the doorsteps of over 53 million households in nearly 2,700 markets through a network of about 5,000 Indane distributors. This includes customers in Andaman & Nicobar and Lakshadweep islands. Autogas (LPG) dispensing stations are being set up in metros and major cities to cater to the growing vehicle population using LPG as fuel. New Businesses In pursuit of its Corporate Vision and to achieve the next level of growth,, IndianOil is currently forging ahead on a well laid-out road map through vertical integration upstream into oil exploration & production (E&P) and downstream into petrochemicals - and diversification into natural gas marketing, besides globalisation of its downstream operations. In petrochemicals, IndianOil is envisaging Rs. 30,000 crore (US$ 7.4 billion) investment by the year 2011-12. Through the worlds largest single-train Linear Alkyl Benzene (LAB) plant with an annual capacity of 1,20,000 tonnes set up at its Gujarat Refinery, the Corporation has already captured a significant market share of LAB in India, besides exports. A world-scale Paraxylene/Purified Terephthalic Acid plant (annual capacities: PX - 3,63,000 tonnes, PTA 5,53,000 tonnes) for polyester intermediates is already in operation at Panipat, while a Naphtha Cracker with a capacity of 800,000 tonnes of ethylene per annum, equipped with downstream polymer units is also coming up at Panipat. In E&P, IndianOil has bagged eight oil & gas blocks and two Coal Bed Methane blocks under NELP (New Exploration Licencing Policy) rounds in India, in consortium with other companies. It has also acquired participating interest in two onshore blocks in Assam and Arunachal Pradesh. Overseas ventures of the Corporation include two blocks in Sirte Basin and Areas 95/96 in Ghadames basin of Libya, Farsi Exploration Block in Iran, onshore farm-in arrangements in Gabon, an onland block in Nigeria and two onshore blocks in Yemen. IndianOil has incorporated Ind-OIL Overseas Ltd. a special purpose vehicle for acquisition of overseas E&P assets in Port Louis, Mauritius, in consortium with OIL. In natural gas business, IndianOil is targeting sale of 2 million tonnes in 2008-09. A technology innovation has been initiated to reach LNG (Liquefied Natural Gas) directly to the doorstep of bulk consumers in cryogenic containers for industrial as 25

well as captive power applications. An LNG import terminal is proposed to be set up at Ennore near Chennai. City gas distribution projects are in the pipeline in partnership with other companies. Group Synergy As part of inorganic growth through mergers and acquisitions, the refinery operations and marketing activities of Assam Oil Company were vested in IndianOil in October 1981, and it became the Assam Oil Division of IndianOil. The old units of the vintage Digboi Refinery (the first refinery in Asia) were revamped and by 1996 it was transformed into a modern refinery of IndianOil. In the year 2001, IndianOil acquired the Government stake and management control of stand-alone refiners Chennai Petroleum Corporation Ltd. (CPCL) and Bongaigaon Refinery & Petrochemicals Ltd. (BRPL), substantially enhancing group refining capacity. Subsequently, capacity expansion of CPCL and laying of the 526km Chennai-Trichy-Madurai product pipeline helped further strengthen IndianOils marketing in South India. Similarly, strategic turnaround initiatives taken by the IndianOil helped BRPL come out of the red and post profits and merger with the parent company is due soon. IndianOil acquired IBP in the year 2002 and seamlessly merged it with the parent company in 2007, leading to the formation of a larger and more formidable marketing network. IndianOil Technologies Ltd. was launched as a fully-owned R&D subsidiary in the year 2003 to market the Corporations intellectual property. IndianOil has set up three overseas subsidiaries in Sri Lanka (2003), Mauritius (2004) and the United Arab Emirates (2006). Lanka IOC Ltd. operates about 150 petrol & diesel stations in the island nation, besides an oil terminal and a lube blending plant at Trincomalee. IndianOil (Mauritius) Ltd. operates a modern petroleum bulk storage terminal at Mer Rouge port, has an overall market share of nearly 20%, and commands a 32% market share in aviation fuelling business in Mauritius. IOC Middle East FZE oversees blending of SERVO lubricants and marketing of petroleum products and lubricants in the Middle East, Africa and CIS countries. In addition, IndianOil has eight active joint ventures in operation with reputed Indian and overseas partners in the areas of aviation refuelling, city gas marketing, LPG and LNG imports and storage, speciality lubricants and additives, terminalling 26

services, etc. Future Plans In spite of deregulation of the oil sector and stiff competition from private players, IndianOil has maintained its position as India's flagship national oil company. IndianOilPeople have been in the forefront in adapting to the changing environment and enhancing the organisations capabilities in providing innovative and valueadded offerings to the customers. Against the backdrop of a rapidly changing business environment, IndianOil is focussing on certain key issues for sustained growth in the deregulated market. These are: prudent finance and projects management, optimum capacity utilisation of refineries and pipelines network, competitive business strategies, customerfocussed innovations in product and service offerings, streamlining of business processes, and achieving greater synergy with group companies for enhanced efficiency and effectiveness in the market place. The rising customer aspirations for quality products and services, at par with international standards, have also thrown up myriad opportunities. IndianOil is making the most of them mainly in expanding its existing customer base, customising products for specific market segments, streamlining distribution infrastructure, etc. As part of the Marketing Transformation Programme to move closer to the customers, IndianOil has bifurcated its marketing function vertically into exclusive retail and direct consumer groups, transferred powers from the four regional offices to 16 marketing offices in State capitals, and set up exclusive groups for process & systems optimisation, brand management and bio-fuels. The ambitious Project Manthan IT re-engineering project has enabled the organisation to assimilate IT and web-based business solutions for real time, integrated transactions and IT solutions for supply chain optimisation. India Inspired As a leading public sector enterprise of India, IndianOil has successfully combined its corporate social responsibility agenda with its business offerings, meeting the energy needs of millions of people everyday across the length and breadth of the country, traversing a diversity of cultures, difficult terrains and harsh climatic conditions. The Corporation takes pride in its continuous investments in innovative technologies and solutions for sustainable energy flow and economic growth and in 27

developing techno-economically viable and environment-friendly products & services for the benefit of its consumers.

Directors review RefineriesThe year 2008-09 witnessed hectic project activity. Projects wor th Rs. 30,000 crore entailing diversification, quality improvement, value addition and capacity enhancement - are fast progressing. Construction of the Rs.14,439 crore Naphtha Cracker is in full swing at Panipat, and its completion in the current year would be a new dawn of oppor tunities for IndianOil in the field of Petrochemicals. Other ongoing projects include Residue Upgradation & MS/HSD Quality Improvement Project at Gujarat Refinery, Improvement in Diesel Quality & Distillates Yield (Hydrocracker) at Haldia Refinery, DHDT at Bongaigaon Refinery and MS Quality Upgradation projects at all our refineries. The 15 MMTPA state-of-the-art grassroots refinery at Paradip has been approved at an estimated cost of Rs. 29,777 crore. This is the biggest-ever investment at a single location by IndianOil and perhaps by any corporate in the country. Conceived to process 100% heavy, high-sulphur cheaper crude for better profitability, the most modern Paradip Refinery would have a complex configuration and play a key role in meeting the growing energy needs of the country. As per the Auto Fuel Policy of the Government of India, petrol and diesel quality for 13 major cities will upgrade from the present BS-III quality to BSIV norms from 1st April 2010. The rest of the country will switch over to BS-III quality fuels from the present BS-II compliant fuels. In order to meet the requirement, fuel quality upgradation projects are in advanced stages of execution. Global warming is increasingly becoming an important issue. IndianOil has adopted the most advanced clean technologies to minimise CO2 emissions by reducing energy consumption, cutting down waste and increasing resource re-use in our refinery operations. We have been actively pursuing Clean Development Mechanism (CDM) projects. In 2008-09, two CDM projects, viz. AVU Energy Optimisation project at Digboi and Flare Gas Recovery Project at Haldia were registered with the United Nations Framework Convention on Climate Change (UNFCCC). These will yield 28,500 CERs. As India's flagship energy corporate, IndianOil has always strived to accomplish the most fulfilling role of fuelling the nation's economic development and helping realise the dreams and aspirations of its citizens. We are committed to continuing our march, whatever be the challenges. And in a year when we commemorate the 50 glorious years of IndianOil, we rededicate ourselves to the service of the nation and envision a future full of hope and promise. Organisational prosperity is nur tured, not inherited. IndianOil has always worked to identify, cultivate and enhance the core competencies that make growth possible. Even in the year which experienced an unexpected economic meltdown, a volatile market and widely fluctuating crude oil prices, IndianOil refineries achieved the highest ever crude oil throughput registering a28

growth of 3.94% over last year. While the global capacity utilisation remained at 90-92%, IndianOil refineries clocked an overall capacity utilisation of 103%. Innovative ideas of sharing intermediate streams between the Group refineries located far and wide, enabled optimisation and value addition in operations thereby enhancing capacity utilisation and margins. During the year, IndianOil refineries achieved the highest ever combined distillate yield of 75.2% wt. surpassing the previous best of 73.7% wt. in 2007-08. Our determination to improve energy efficiency resulted in reduction of overall specific energy consumption to 64 MBN1 during 2008-09 from the earlier lowest of 67 in 2007-08. With emphasis on widening the crude basket for improved flexibility, security and lower input cost,our refineries processed 11 new grades of imported crude oil during the year. The erstwhile BRPL is now a part of IndianOil's Refineries Division as the eighth refinery consequent upon its merger.

pipelinespipeline section were also carried out based on this outcome.Our initiatives for asset protection by re-organising & re-inventing patrolling of pipelines and maintaining sustained coordination with the law & order authorities resulted in substantial reduction in pilferage attempts on our pipeline network. As a part of our continuous endeavour to serve the consumers better by optimising logistics, we have constructed a 36 km long ATF pipeline to connect IndianOil's Devanagonthi terminal with the new Bengaluru international Airport, and a 95 km long pipeline between the CPCLs Manali refinery and the Meenambakkam AFS. In an attempt to diversify and tap the growth potential of gas pipelines, IndianOil has commissioned its first 274 km long cross-country LPG pipeline from Panipat to Jalandhar. The pipeline can transport 700,000 tonnes of LPG annually from Kohand to IndianOil's bottling plants at Nabha and Jalandhar. In addition, this pipeline provides improved logistics to meet the LPG requirements of the bottling plants at Una & Baddi in Himachal Pradesh and Jammu & Leh in Jammu & Kashmir. Signalling our foray into building natural gas pipelines, we have commenced work on the 133 km long first natural gas pipeline of IndianOil, to supply regassified LNG for captive use from Dadri terminal of GAIL (India) Ltd. to our Panipat Refinery.During the year, IndianOil29

commissioned the 330 km long Paradip-Haldia Crude Oil Pipeline (PHCPL) system. Its Single Point Mooring facilities installed 20 km off Paradip coast provide substantial logistical support and cost benefit by offloading crude oil from very large crude carriers. A 265 km long product pipeline connecting our Gujarat Refinery to the marketing terminal at Ratlam was also completed. Other major projects currently under implementation include the 290 km long Chennai-Bangalore Product Pipeline, augmentation of the Mundra-Panipat Pipeline from 6 to 9 MMTPA, a 94 km long branch line on the Koyali-Dahej Pipeline to Hazira, and a 118 km long pipeline from Bijwasan to Panipat to transport Naphtha from Mathura Refinery to Panipat. We have also embarked upon the construction of five additional tanks of 85,000 kl capacity each at Vadinar in addition to setting up blending facilities there. Facilities are also being created to introduce Rajasthan crude oil in our crude oil pipeline system at Radhanpur and Viramgam. In the years to come, distribution infrastructure is poised for tremendous growth in India, providing enormous opportunities for the Pipelines Division. IndianOil will continue to benefit from the competitive advantage offered by its countrywide pipelines network as the safest, most eco-friendly and economical means of transportation of crude oil, petroleum products and natural gas.During the year, IndianOil's underground highways continued to reinforce its competitive edge by ensuring transportation of crude oil & petroleum products in a safe, energyefficient, and cost-effective manner. With a sustained focus on value maximisation, asset growth and capacity enhancement, the countrywide network of pipelines crossed the 10,000 km mark in length and 70 million metric tonnes per annum (MMTPA) in installed capacity during the year 2008-09. Maximising capacity utilisation, the Pipelines Division registered the highest ever throughput of 59.63 million tonnes, which is 4.6% higher than that of the previous year. Asset creation can add value only with sustained high quality maintenance. The Vadinar installation has successfully completed 30 years of operation and has handled 4,000 crude oil tankers safely. The highlights of the year include timely completion of major maintenance of the Single Point Mooring system commissioned in 1978. Adoption of new technologies in pipeline inspection and integrity management helped maintain peak performance of pipelines during the year. Online inspection by intelligent pigging of 803 km long Viramgam-Mathura section of the Salaya-Mathura Pipeline system was completed during the year.Extensive repair and refurbishment of this inspected

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MarketingBehind a billion satiated Indian customers is the relentless efforts of over 34,000 IndianOilPeople. Driving the nation's economic growth engine forward is the uninterrupted supply chain managed by IndianOil. IndianOil, a fine-tuned marketing machine, working to precision round-the-clock, round-theyear, is powered by a passion to serve, even against odds.Whether it is the sub-zero temperatures of LehLadakh region or the scorching deserts in Jaisalmer or the marooned areas of Andaman and Nicobar Islands, IndianOil continues to deliver, to make a difference to the community we serve.The modern business landscape is far more multi-dimensional today, with customers coming of age. Emotional connect with brands no longer comes from 'firepower' traits like Leadership, Value or Quality or even Technology Superiority, but from its 'soft power' of being a social contributor making a lasting difference to the lives of the community they serve. IndianOil has played this role admirably combining its leadership role in the business with a social conscience by rising to the occasion in times of natural calamities like famine, floods, earthquakes and cyclones.'How has this Brand made a difference to me and the Society?' is a question that is not too far away from customers' minds. Its here that IndianOil enjoys a decided advantage. IndianOil not only straddles the 'mind to heart' space but also reaches out to the collective consciousness of the country,as an entity that has always had the interest of the nation at the very core of its visionary objective.Reaching products to once-inaccessible areas and improving the quality of life of a billion Indians through our products and services is a responsibility that IndianOil has fulfilled time and again.What helps us to be leaders is not just our market share but also our ability to understand the complex psyche of the Indian market. The swathe of marketing initiatives launched by IndianOil over the years, truly showcases our ability to be nimble footed in customising solutions across different demand requirements.A case in point, is our Kisan Seva Kendra model which has been universally acknowledged as one making a huge difference to the country's rural belt.It has been31

recognised by several forums and has gone on to win awards from the Rural Marketing Association of India and the Asia Retail Congress during the year.Over the last decade, IndianOil has transformed the Indian petroleum retail market by enormously widening the retail basket of products and services.From a simple model retailing Petrol and Diesel, our outlets have metamorphosed into multi-brand, multiproduct and multi-service entities. Today this model has evolved as the industry's benchmark in India. IndianOil outlets have come to be recognised as one-stop stations offering a variety of services from Branded fuels to loyalty cards, from AutoGas to CNG and from Auto Car washes to ATMs. A new High is India's first Hythane(Hydrogen CNG) Retail Outlet in Delhi marking a quantum jump in Technology absorption in fuel retailing.Indane LPG marketing too has undergone a major Transformation with IndianOil's "Indsoft" software providing a state-of-the-art platform to plan, network and manage the vast LPG customer base.Non-fuel revenues will continue to be an area of Focus both today and tomorrow. A concrete roadmap is underway to consolidate this initiative even further.SERVO still rules India as its No.1 lubricant brand.Our globalisation aspirations crossed yet another milestone with the launch of SERVO lubricants in Oman in 2008. SERVO will hit new markets across the globe with its growing popularity and wider acceptance.Touching lives and reaching out to customers is a way of life at IndianOil. A new web-based customer grievance redressal system - eCFS together with an all-India toll free number introduced in 2008 has gone a long way in ensuring speedy solutions to customers' queries and complaints. For us at IndianOil, we see this as an exciting time. Millions of Indians even today have not partaken in the fruits of development. Their aspirations have remained unfulfilled and unrequited. And it will be our endeavour to address every segment of the need and offer customised solutions to them. That's going to be the motivation that will drive us forward into the future. It will be a resolve well worth taking, as we complete 50 Golden Years this year.

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Research & developmentGreen is the new mantra for sustaining growth in this millennium. IndianOil, since its inception, has been a driver of adopting, developing and commercialising green technologies.In the global recognition of our commitment and success of green technology initiatives, IndianOil was conferred with the prestigious World Petroleum Congress Award-2008 for its path-breaking R&D work in hydro-processing technologies. It made the year 2008-09, a great luminous landmark in the 50 year golden history of IndianOil.Despite the upheavals in the global oil market this year, IndianOils R&D Centre continued innovating with greater vigour and achieved significant advances in development, demonstration and licensing of novel refining and lubes technologies.For our scientists, each downturn is an opportunity and each upturn a challenge.IndianOil INDMAX Technology chosen for setting up INDMAX RFCC unit of the 15 million tone refinery at Paradip was reconfigured to make it more flexible. This novel technology has also evinced interest from oil companies abroad.Continuing with our pursuit of developing Green technologies, we rolled out two new technologies, this year, INDAdeptG & INDAdeptD Adsorbent based Processes, for deep desulphurisation of gasoline and diesel streams, respectively, meeting EURO-IV norms. Another breakthrough achievement of the year was successful development of IndVi- a revolutionary high metal tolerant catalyst additive formulation, for FCC and RFCC. This year, the prototype INDIPIG-12 was successfully field demonstrated for inspection of 500 km pipeline. Development of commercial 12 IPIG was also started. INDIPIG-14 the prototype 14 IPIG tool was evaluated in the Delhi- Panipat section of Mathura-Jalandhar Pipeline. To retain lubricant market leadership, IndianOil developed and released 186 product formulations for commercialisation, and received OEM/Customer approvals for 47 formulations. The significant ones among them were M&M, Suzuki, Tata Motors, Volvo, Eicher, Honda Motors, Cummins, SAIL,Indian Railways and Defence. As a step forward,field trial clearance from leading marine engine OEMs such as MAN B&W (Germany) and SEMT Pielstick (France) were obtained for improved grades of SERVO marine oils for DG set applications. During the year, we intensified research to reduce the carbon footprint of our products and operations.The first ever life cycle analysis of bio-diesel from Jatropha was conducted in collaboration with NREL, USA, with encouraging results. We also developed ecofriendly low PAH jute-batching oil. Recognitions for green efforts followed as IndianOil won the Golden Peacock Innovation Award for its eco-friendly agrospray oils, as well as the Petrofed Group Innovation Award for its novel low emission fuel additive.During the year, IndianOil launched several research programmes in frontier technology areas of second-generation bio-fuels, renewable and alternative sources of clean fuels from bio and fossil33

sources. A MoU was signed with TERI University for advancing research in bio-fuels. Continuing with research in commercialising Hydrogen as fuel, IndianOil commissioned the first commercial HCNG dispensing station at Delhi. Research was initiated on E-10 (10% blend of ethanol with gasoline) in association with the Society of Indian Automobile Manufacturers.Seventeen (17) US/Indian patents were filed and ten (10) patents were granted during the year, taking our active portfolio of IP to 214 patents. During 2008-09, there was 100% increase over the previous year, and we are poised to keep this pace in the years to come.Collaborative R&D is our new fundamental for success. This year, we entered into research agreements with Criterion for novel catalyst development and evaluation; with BARC for tomography studies for Trickle Bed Reactor and acoustic emission testing; with Indian Institute of Science, Bangalore (Nano Tribology), for study of boundary lubrication in engine and metal working tribology; with Sud-Chemie for commercial production of metal passivation additive; with Delhi College of Engineering for development of parallel hybrid electric vehicle; and with EIL for licensing DHDS/DHDT technology, with TERI University, and IIT Madras for talent development. With a sharp focus on emerging as a world-class technology company, IndianOils R&D team has rededicated itself to greener innovations, and pledged to ensure continuous value addition to our products and processes, meeting and exceeding the aspirations of our customers.

Planning & business developmentIn the past few years, IndianOils business strategy has been to straddle the entire hydrocarbon value chain through integration and diversification initiatives. Despite the turmoil in the global economy in the past fiscal, IndianOil strode ahead as it consolidated its established businesses and entered into new ones. In Exploration & Production (E&P), it was an activitypacked year. IndianOil crossed a major milestone when it was awarded for34

the first time, two on-land blocks in the Cambay Basin with 100% participating interest and operatorship in the face of stiff competition in the seventh round of the New Exploration Licensing Policy (NELP) of the Government of India. In addition, we also bagged a deepwater block in consortium with ONGC and GSPC under NELP-VII. IndianOils upstream footprint expanded overseas when it farmed-in into a deepwater block in offshore Timor-Leste with a 12.5% participating interest. Gas discovered in the Assam-Arunachal Pradesh block during the year 2007-08 was successfully tested, and the commerciality of gas production from the Farsi offshore block (where IndianOil holds a participatory interest of 40%) in Iran was accepted.The petrochemicals business grew from strength to strength. On the domestic front, IndianOil continued to cater to a major chunk of Linear Alkyl Benzene (LAB, used for manufacture of detergents) requirements of the countrys biggest buyers (Unilever and Proctor & Gamble), while the export market widened to twelve countries from nine last year. The petrochemicals business received a boost when IOCLAB qualified Procter & Gambles worldwide quality standards. Indeed, this speaks of the world-class quality of our product. The sale of Purified Terephthalic Acid (PTA) grew significantly, exhibiting a year-on-year growth of 8.6%. With the Naphtha Cracker project at Panipat set to be commissioned by the end of the year 2009, preparations for putting in place the necessary structure for polymer marketing reached the final stage during the year. IndianOil marketed 1.85 million tonnes of re-gassified LNG (R-LNG), including 0.18 million tonnes for internal consumption in refineries. Green Gas Ltd. IndianOils joint venture with GAIL (India) Ltd. for undertaking City Gas Distribution (CGD) in Lucknow and Agra sold 13,208 tonnes and 8,919 tonnes of gas in Lucknow and Agra respectively. In order to rapidly expand the gas business, we have entered into agreements with different companies for gas sourcing, setting up CGD networks, as well as for selling gas through our retail outlets. Under the innovative pilot project LNG at the doorstep to reach LNG directly to the consumers for industrial/captive power applications, two customers - H&R Johnson (at Pen, Maharashtra) and Schott Glass (at Jambusar, Gujarat) - were supplied over 15,000 tonnes LNG during the year. To service the requirements of the new customers, IndianOil has signed a contract with Petronet LNG Ltd. to increase the LNG loading capacity in road tankers at Dahej from the existing 15,000 metric tonnes per annum (MTPA) to 20,500 MTPA.Our effor ts to scale up the bio-fuel business touched a major landmark with the formation of a joint venture - IndianOil CREDA Bio-fuels Ltd. in the state of Chhattisgarh. Mandated to organise35

commercial captive plantation of energy crops for bio-diesel production, the venture is being keenly watched by national and international agencies due to its novelty and uniqueness of structure & approach. The project envisages production of 30,000 MTPA of bio-diesel by the year 2015 by undertaking plantation on 30,000 hectares of revenue wasteland. A pilot project for plantation of energy crops (Jatropha) in the State of Madhya Pradesh was also started during the year to explore the possibility of setting up a revenue land-based commercial bio-diesel unit and to develop benchmarks for plantation cost and output.IndianOil is endeavouring to widen its portfolio of energy offerings to include alternative energy options. A Renewable Energy Group was formed to sharpen focus on the vertical.As part of our commitment to develop sustainable energy systems, IndianOil forayed into wind energy generation by commissioning the first wind power project of 21 MW capacity near Ambliyara village in Kutch, Gujarat. In order to explore commerciality of solar energy, IndianOil also commissioned two pilot solar charging stations at its Kisan Seva Kendra stations in the state of Uttar Pradesh. Efforts are underway to expand the business portfolio in these areas.During the year, IndianOil published the GRI-G3 (Global Reporting Initiative) guidelines compliant Corporate Sustainability Repor t. This repor t provided description, data and perspective on IndianOils performance with respect to the triple bottomline of People-Planet-Profit.

FinanceWhen crude oil price touched an all-time high of $ 147 per barrel in July '08, one prominent question in everyone's mind was when would it breach the $ 150 per barrel level and whether the prediction of analysts of the price touching $ 200 per36

barrel would come true. The Government of India, which regulates the prices of the four sensitive products constituting about 65% of the total petroleum products consumption, anticipated a whopping Rs. 2,45,000 crore underrecoveries likely to be faced by the Oil Marketing Companies (OMCs) during the year.Measures taken by the Reserve Bank of India (RBI) to contain the high rate of inflation resulted in a steep increase in financing cost from 8% to almost 15%. In a short span of three months - July to Sept. '08 - the borrowings of the three Oil Marketing Companies soared from Rs. 71,000 crore to over Rs.1,10,000 crore. Our borrowings increased from about Rs. 34,500 crore as on 30th June '08 to over Rs. 60,000 crore in Sept. '08. Despite the compensation mechanism put in place by the Government in June '08, IndianOil posted a loss of over Rs. 7,000 crore in the second quarter of 2008-09. During the year, the heat was on as borrowings rose unabated, IndianOil faced a liquidity crunch and profitability took a hit.Meanwhile, the Ministry of Petroleum & Natural Gas, working closely with the Ministry of Finance and RBI, ensured that sufficient funds continued to flow to the oil sector enabling IndianOil to meet its commitment to supply products to consumers.One of the major reasons for the huge increase in our borrowings was the considerable lag in receipt of Special Oil Bonds. Oil bonds worth Rs. 35,895 crore as compensation for sales during Jan. '08 to Sept. '08 were issued in three tranches only in Nov. '08, Dec. '08, and Feb. '09. This coupled with the mechanism of special market operations introduced by the RBI to dispose off oil bonds relatively eased IndianOil's liquidity constraints and the borrowings came down to a level of Rs. 45,000crore as on 31st March '09.Despite severe liquidity constraints during the year, IndianOil balanced the financing requirements of its ongoing projects with the result that the capital expenditure touched a record high of about Rs. 11,000 crore.The oil price crash from a high of $ 147 per barrel to about $ 35 per barrel in the latter part of the year brought great relief to IndianOil in terms of liquidity though not with reference to profitability. Inventory procured during different periods at high prices resulted in significant losses. This coupled with a Government-mandated reduction in product prices and other factors such as lower refining margins,high interest cost and loss on disposal of bonds affected profitability substantially. Without additional support from the Government by way of full compensation of under-recoveries, it would not have been possible for IndianOil to post any profit during the year. Therefore, it was only on account of full compensation of under-recoveries by the Government that IndianOil could record a modest annual profit of Rs. 2,950 crore. This is in contrast to a loss of Rs. 6,632 crore upto Sept. '08 and Rs. 3,673 crore upto Dec. '08.The IndianOil Board has approved the Paradip Refinery project at an estimated cost of Rs. 29,777 crore. With a debt-equity ratio of 60:40, about Rs. 18,000 crore is to be funded by borrowings. Marking it as the single largest syndicated rupee term loan arranged so far for a single project, IndianOil has achieved financial closure for the rupee component of the loan to the extent of Rs. 14,900 crore through a consortium of 19 public sector banks and two financial institutions. The balance loan component is proposed to be met by foreign currency borrowings or by issue of bonds in the domestic market.As for the outlook for37

the year 2009-10, the oil prices continue to be volatile and are trading in the region of $ 60 per barrel in May '09 as compared to $ 35 per barrel in Mar. '09. Although the refining margins are still thin, there is no cause for major concern. Till May '09, IndianOil's borrowings had come down to about Rs. 32,000 crore with unsold bonds worth Rs. 28,000 crore still on hand. With an appreciating rupee, lower interest rates and under-recoveries on the four sensitive products expected to be manageable, we can hope for a better financial situation in the year 2009-10 both in terms of profitability and liquidity.

Human resourcesThe year 2008-09 witnessed significant human resource interventions, whether it was revisiting the corporate vision, integration of operations,recruitment of manpower at different levels or a revision in employee compensation structure.A fifty-year young corporate, IndianOil has lived up to its entrusted mandate of providing energy security to the country. In the last five decades, while IndianOil evolved from a fledgling company to a confident conglomerate straddling the entire spectrum of the hydrocarbon value chain, the oil & gas industry in India and abroad matured and metamorphosed. We perceived a need to revisit and redefine our corporate vision to uphold and protect IndianOils leadership position. The exercise of recreating the Vision was completed during the year with the new vision having been approved by the IndianOil Board. With business interests traversing the core areas of refining & marketing and extending to newer ver ticals such as exploration & production,petrochemicals, natural gas, bio-fuels, etc., there is a mounting need for manpower in IndianOil,especially in the new and emerging areas. During 2008-09, we recruited over 900 engineering & management graduates and CAs, the highest ever in a year, through open and campus recruitment.To immediately bridge the gap between skill requirement and availability in areas such as petrochemicals and bio-fuels, 23 executives were also recruited at the mid-level during the year.This was a year of integration for IndianOil. The marketing operations of Assam Oil Division (AOD) and IndianOils Marketing Division were amalgamated. A series of confidence-building measures ensured that the sensitive people-related issues were ironed out to ensure a smooth,organisation-benefitting fusion. The process of integration of IBP, which star ted in the year 2007-08, was also completed during the year.38

Consequent upon the merger of BRPL with IndianOil effective 25th March 2009, activities are currently underway to ensure its seamless integration as our eighth refinery.As part of IndianOils petrochemicals master plan,a Naphtha Cracker complex equipped with downstream polymer units is coming up at Panipat Refinery. In a relatively short span of time since its entry into the new business segment, IndianOil has stabilised the petrochemical production facilities,added new product lines and continues to acquire new customers. Such a scale of investment warranted redefining business strategies and realigning the organisational structure of the petrochemicals group. A reputed management consultant was engaged for this purpose. IndianOils commitment to good corporate citizenship got a boost during the year with enhancement of the ceiling on annual expenditure for corporate social responsibility activities from 0.75% of the net profit of the previous year to 2% of the retained profit of the previous year. With more funds at its disposal now, IndianOil will identify and undertake more community welfare projects. In pursuance of the best Corporate Governance practices and to ensure greater transparency in the Corporations functioning, a Whistle Blower Policy was framed and a procedure formulated to safeguard IndianOilPeople from the fear of victimisation in reporting incidents of malpractices.The Government of India had set up the second Pay Revision Committee for Public Sector Enterprises on 30th November 2006 under the chairmanship of Justice MJ Rao to give recommendations in respect of pay revision for Board & below Board level executives and nonunionised supervisors. Based on the recommendations of the Committee, the Department of Public Enterprises has advised the revision of pay scales w.e.f 1st January 2007 in Central Public Sector Enterprises. The revised scales are currently under implementation at IndianOil.2008-09 marked a steady flow of accolades to IndianOil. The Corporation emerged as the only PSU in the list of the top 25 Best Employers in a nationwide survey conducted by Outlook and Hewitt Associates. IndianOil won the Petroleum Federation of India (Petrofed) Oil & Gas Industry Award for the best Human Resources Management Company of the year 2008.The prestigious BML Munjal Award for Excellence in Learning and Development for the year 2008-09 too came our way. This award validates the innovative learning & development measures undertaken by IndianOil and reinforces its reputation of being an academy company.

awards & recognitions

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1.l IndianOil yet again clinched the top slot among the seven Indian companies featured in the Fortune 'Global 500' listing of the world's largest companies for 2008, improving its ranking to 105. 2.l IndianOil was the only petroleum company among 100 other industrial giants to emerge as 'The Most Trusted Fuel Pump Brand' in ET's Brand Equity annual survey for the year 2008. Among the 'Top 50 Service Brands' of the country, it bagged the 7th position. 3.l IndianOil received the coveted World Petroleum Congress Excellence Award 2008 at Madrid, Spain, in the technical development category for its pathbreaking R&D work in hydro-processing technology for Green Fuels. 4.l IndianOil won the SCOPE Gold Trophy for Environmental Excellence & Sustainable Development and Commendation Certificate for Good Corporate Governance for the year 2007-08. 5.l IndianOil continued to top the annual corporate listings of leading business publications such as the Economic Times, Business India and BusinessWorld in addition to topping the Oil & Gas category in the Financial Express-500 listing. 6.l IndianOil has been ranked as one of Best Employers in a survey conducted by Hewitt Associates in association with Outlook Business magazine. 7.l IndianOil bagged the prestigious BML Munjal Award for Excellence in Learning and Development for the year 2009 and was the only award winner in the public sector category. 8.l In recognition of its operational excellence and business solutions, IndianOil received a string of prestigious awards - SAP ACE AWARD (for Customer Excellence) for the year 2008 from SAP AG for B2B application for oil exchanges between IndianOil and BPCL SAP systems, Economics Times Smart Workplace Award for Corporate Business Technology Centre (that recognises companies using technology to enhance productivity at the work place) and CIO 100 Award for Innovations in Implementing Business Continuity for SAP R/3 Environment (for the third consecutive year). 9.l IndianOil received the 'Oil & Gas Supply Chain Excellence' award at the Second Express, Logistics & Supply Chain Conclave (Asia-Pacific) organised by India Times Mindscape with Business India group. 10.l Indian Express Uptime Champion Award 2008 was conferred on IndianOil's40

Corporate Business Technology Centre in recognition of its well designed IT infrastructure uptime strategy. 11.l In recognition of its Kisan Seva Kendra initiative in rural markets, IndianOil received the prestigious 'Most Admired Retailer of the Year - Rural Retailing' award at the India Retail Forum held in Mumbai. 12.l For the fourth consecutive year, IndianOil was conferred the Safety Innovation Award instituted by the Safety & Quality Forum of the Institution Of Engineers (India). 13.l Indian Oil has been conferred the 'Business Super brand 2008' status by The Super brands Council of India. 14.l IiPM won the ISTD Training Award 2007-08 for innovative training Practices.

ManagementProfile of Mr. Sarthak Behuria Chairman, Indian Oil Corporation Limited

Mr. Sarthak Behuria is Chairman, Indian Oil Corporation Limited, Indias largest commercial enterprise with US$61 billion turnover for the year 20072008. He is also Chairman (part-time) of group Companies, Chennai Petroleum Corporation Ltd besides heading IOT infra structure a joint venture for building and operating terminal ling services for petroleum products.41

Mr. Behuria heads several reputed industry organizations, chief among them being SCOPE (Standing Conference of Public Enterprises) in India. As First Vice-President, he also represents Asia on the board of World LPG as Asso-sarthak Behuriaciation. Mr. Behuria has been conferred the Honorary Fellowship of Energy Institute, UK, which is the highest level of professional recognition reserved for those who have made a notable and distinguished contribution to the energy industry. Mr. Behuria's expertise in India's Oil & Gas sector has been sought at many International forums.Widely travelled, Mr. Behuria has presented several papers in national and international fora. He recently chaired a session on 'Natural Gas as Transportation Fuel' at the 19th World Petroleum Congress organized at Madrid. He was also invited to deliver a special address at the Asia-Pacific Business Forum at UNESCAP held at Bangkok. Representing India at the 3rd OPEC International Seminar and the 95,h session of International Labor Conference, he spoke on behalf of India in matters of policy related to the oil sector. An alumnus of St. Stephen's College, Delhi, and the Indian Institute of Management (MM), Ahmadabad, Mr. Behuria joined Burmah Shell in 1973 before being absorbed in Bharat Petroleum Corporation Ltd. where he rose to the top position of Chairman & Managing Director. He also served the erstwhile Oil Coordination Committee of the Ministry of Petroleum & Natural Gas, Govt, of India. Under Mr. Behuria's stewardship, Indian Oil is transforming into a major, diversified, transnational integrated energy company, and has set its sight to make its presence across the entire hydro-carbon value chain and alternative sources of energy. Besides consolidation in the core areas of refining and marketing, Mr. Behuria is pursuing a string of strategic initiatives across the hydrocarbon value chain for forward integration into petrochemicals and back-wards into exploration & production of oil, and diversification into natural gas business, besides globalization of marketing operations. In recognition of his distinguished career in the oil sector, Mr. Behuria has been named among the top 10 most influential oilmen in India by 'Upstream', the internationally acclaimed oil & gas newspaper. Known to be a strong "people's man", he practices a management style that is both open and transparent. He is also a keen golf and bridge player. Honorary Positions Held Chairman of SCOPE (Standing Conference of Public Enterprises), the apex body of public enterprises in India for the second consecutive term (March 2006 to date).Chairman of Petroleum Federation of India (Petro Fed), representing Indian and international companies and organizations associated with the Indian hydrocarbon sector (August 2003 to date). Chairman of Council of Indian Employers - CIE, an apex body of employers in India. First Vice-President representing Asia on the board of World LP Gas Association (2006 to date). Honors Conferred the Honorary Fellowship of Energy Institute, UK - for distinguished contribution to the energy industry. Named among the top 10 most influential oilmen in India by Upstream, the internationally acclaimed oil & gas journal. Conferred the 'Udyog Ratna' award by the PHDCCI in 2006.Chosen to receive the prestigious "SCOPE Award for Excellence and Outstanding BOARD OF DIRECTORS42

B M Bansal Director (Planning&Business Development) S V Narasimhan Director (Finance) V C Agrawal Director (Human Resources) & Director-in-charge (IBP Division) G C Daga Director (Marketing) B N Bankapur Director (Refineries) Anand Kumar Director (Research & Development) K K Jha Director (Pipelines) S Sundareshan Additional Secretary Ministry Of Petroleum & Natural Gas P K Sinha Additional Secretary & Financial Advisor Ministry Of Petroleum & Natural Gas Prof.(Mrs.) Indira J. Parikh Former Prof. IIM, Ahmedabad and President, FLAME, Pune Anees Noorani Managing Director, Zodiac Clothing Company Ltd Michael Bastian Former Chairman & Managing Director, Syndicate Bank Dr.(Mrs.) Indu Shahani Principal, HR College of Commerce & Economics, 43

Mumbai and Sheriff of Mumbai Prof. Gautam Barua, Director, Indian Institute of Technology,Guwahati N.K. Poddar Senior Advocate, Kolkata Raju Ranganathan Company Secretary

Principal Executives D K Samantaray Vipin Kumar

Chief Vigilance Officer Advisor (Security)

Executive Directors (Corporate Office) C Dasgupta Gas S S Soni Information Systems V P Sharma Internal Audit V K Sood Corporate Finance S C Jain Finance-Business Development R Narayanan Corporate Affairs A K Guha Business Development (Refinery & Pipelines) K K Gupta IndianOil Institute of Petroleum Management Thomas Antony Human Resources Development A M K Sinha Corporate Planning & Economic Studies N K Khosla Safety, Health & Environment Satish Kumar Human Resources Ms. D Lilly Pricing & Taxation V S Okhde Exploration & Production A P Verghese LNG A S Ujwal International Trade S Ramasamy Information Systems S C Meshram Petrochemicals44

R S Solanki

CEO, IndianOil Foundation

Executive Directors (Refineries Division Headquarters) P K Goyal Finance A K Malhotra Projects H V Singh Projects-PDRP N K Bansal Shipping N K Khosla Projects - PNCP Sudhir Bhalla Human Resources A Panda Safety & Environment C S Das Maintenance & Inspection Prithviraj Sur Operations U L Dohare Projects Executive Directors (Refineries Division) J P Guharay Mathura Refinery S K Garg Barauni Refinery A K Roy Haldia Refinery G Bhanumurthy Guwahati Refinery R K Ghosh Incharge-Panipat Refinery A S Basu Gujarat Refinery S N Choudhary Projects-PNCP, Panipat A Saran Bongaigaon Refinery Executive Directors (Pipelines Division) T Vasudevan Finance A K Rauniar Human Resources T V Mohan Northern Region Pipelines Anil Tandon Operations S K Sinha Western Region Pipelines

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Executive Directors (Marketing Division Headquarters) Gautam Dutta Finance R K Puri Coordination Gautam Datta Human Resources Amitava Chatterjee Lubes R Sareen Aviation M Nene Supplies Mrinal Roy LPG N Srikumar CC, Branding & Planning S K Gupta Consumer Sales V K Jeychandran Gujarat State Office Satwant Singh Engineering & Projects M Ramana Andhra Pradesh State Office D Sen West Bengal State Office Deepak Pandya Maharashtra State Office E Unnikrishnan Pricing H S Bedi Retail Sales DSL Prasad Tamil Nadu State Office Executive Directors (Assam Oil Division) Mr. Subrato Ghosh Assam Oil Division, Digboi Executive Directors (R&D Centre) Dr R K Malhotra R&D Executive Directors (IBP Division) S K Roy Cryogenics V Ramaswamy Finance

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IndianOil Major UnitsRegistered Office: IndianOil Bhavan, G-9, Ali Yavar Jung Marg, Bandra (East), Mumbai -400 051 Corporate office

Refineries DivisionHead Office: SCOPE Complex, Core-2 7, Institutional Area, Lodhi Road New Delhi -110003 Barauni Refinery: P.O. Barauni Oil Refinery, Dist. Begusarai -861 114 (Bihar) Gujarat Refinery:P.O. Jawahar Nagar, Dist. Vadodara -391 320(Gujarat) Guwahati Refinery: P.O. Noonmati, Guwahati-781020 (Assam) Haldia Refinery: P.O. Haldia Refinery Dist. Midnapur-721 606(West Bengal)

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Mathura Refinery: P.O. Mathura Refinery, Mathura -281 005(Uttar Pradesh) Panipat Refinery: P.O. Panipat Refinery, Panipat-132140(Haryana) Bongaigaon Refinery: P.O. Dhaligaon, Dist. Chirang, Assam - 783 385

Marketing DivisionHead Office: G-9, Ali Yavar Jung Marg, Bandra (East), Mumbai -400 051 Northern Region: IndianOil Bhavan, 1, Aurobindo Marg, Yusuf Sarai New Delhi -110016 Eastern Region: IndianOil Bhavan, 2, Gariahat Road, South (Dhakuria) Kolkata -700 068 Western Region: 254-C, Dr. Annie Besant Road, Worli Colony, Mumbai -400 025 Southern Region: IndianOil Bhavan 139, Nungambakkam High Road

R&D Centre: Sector 13 Faridabad -121 007(Haryana)

Pipelines DivisionHead Office: A-1 Udyog Marg, Sector-1, Noida-201301 Northern Region: P.O. Panipat Refinery Panipat -132 140 (Haryana)

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Western Region: P.O. Box 1007,Bedipara, Morvi Road,Gauridad, Rajkot-360 003 Southern Region: 139, Nungambakkam High Road Chennai 600034

Assam Oil Division: P.O. Digboi -768 171(Assam)

IBP Division 34-A, Nirmal Chandra Street,Kolkata - 700 013 Business Group(Cryogenics) Sewri Terminal II, Sewri (East), Mumbai - 400 015 Business Group(Cryogenics), A-4, MIDC, Ambad, Nasik - 422 010

Group Companies:Chennai Petroleum Corporation Ltd: 536, Anna Salai, Teynampet, Chennai - 600 018 IndianOil Technologies Ltd: SCOPE Complex, Core-2 7, Institutional Area,Lodhi Road,New Delhi-110003 IndianOil (Mauritius) Ltd: Mer Rouge Port Louis Maruritius IOC Middle East FZE: LOB 14209, Jebel Ali Free Zone, P.O.Box: 261338 Lanka IOC PLC: Lanka IOC Head Office Level 20, West Tower, World Trade Center,

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Echelon Square, Colombo - 01, Sri Lanka.

IndianOil Major ProjectsIndianOil 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 M

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