Yes, Indian Oil Corporation Limited or IOCL is a government company. It is a Maharatna public sector undertaking in the oil and gas sector, under the administrative control of Ministry of Petroleum and Natural Gas, Government of India. Founded in the year 1959, IOCL is India’s largest government-owned oil producer in terms of capacity and revenue.
IOCL operates across the entire hydrocarbon value chain, including exploration and production of crude oil and gas, refining and marketing of petroleum products, pipeline transportation, petrochemicals and global downstream operations. It also operates in the renewable energy segment. The company was ranked 127th on Fortune Global 500 List in 2025.
Here is a quick overview of IOCL
| Details | Info |
| Founded | 1959 |
| Founder | Government of India |
| Headquarters | New Delhi, India |
| Chairman | Arvindar Singh Sahney |
| Industry | Oil and Gas |
| Products | Petroleum, Petrochemicals, Natural Gas, Lubricants, LNG |
| Subsidiaries | Indane, Chennai Petroleum Corporation Limited, Petronet LNG |
| Owner | Government of India |
| Official Website | www.iocl.com |
Company History
IOCL traces its origins to Indian Oil Company Limited, which was incorporated in the year 1959. It was established to coordinate petroleum product imports, marketing and distribution. In the year 1964, Indian Oil Company Limited and Indian Refineries Limited merged to create Indian Oil Corporation Limited.
IOCL built its refinery infrastructure in the 1960s and 70s, with key refineries being established at Barauni, Koyali and Haldia. In the year 1972, the company launched Servo, India’s first indigenous lubricant brand. IOCL commissioned its Mathura refinery in the year 1982.
In the late 1990s and 2000s, IOCL acquired Assam Oil Company and expanded into petrochemicals, exploration and production and natural gas marketing, eventually becoming a dominant player with around 50% market share in petroleum products. By the second decade of the 20th century, it had diversified into renewables, biofuels, hydrogen and green energy.
IOCL became the most profitable government corporation in May 2018, with a record profit of INR 21,346 crore.
Current Status
IOCL owns and operates 10 group refineries with a combined capacity of 80.75 MMTPA. It operates over 20,000 km cross-country pipeline network, which moves 100 million metric tonnes of products annually. The company’s network of over 40,000 fuel stations across India serves more than 3 crore customers on a daily basis.
IOCL’s LPG brand, Indane, reaches over 15 crore households in India. The company has a petrochemical production capacity of 3315 KTA. In the natural gas segment, IOCL operates in 115 districts covering 49 geographical areas.
IOCL has a network of over 14,000 EV charging stations and 108 battery swapping facilities. The company sells its biofuels under the brand names E20 and Ethanol 100 through its 8,470 outlets.
Future Outlook
IOCL is aiming to strengthen its hydrocarbon business while transitioning towards sustainability and net-zero goals. The company seeks to increase its refining capacity to around 95.4 MMTPA by the end of FY26. IOCL also plans to scale its petrochemicals production capacity to 13-14 million tonnes by 2030.
