logo News
  • Home
  • Management
    Management Show More
    The Lower The Level Of Managers, The More They Have These 3 Characteristics In Managing Their Teams
    Jul 19, 2025
    Why Do The Best Sales Reps Become The Worst Sales Managers?
    Jul 18, 2025
    Make Sure You Do These 5 Things Right, Learn Them And You Can Be a Great Manager!
    Jul 17, 2025
    Why Are Employees So Weak In Execution? Because The Manager Did Not Do These Seven Points
    Jul 16, 2025
    Notes On Running An Organisation: From Family Business To Corporate Family
    Jul 15, 2025
  • Marketing
    Marketing Show More
    What Exactly Is The Best Way To Do Marketing?
    Jul 19, 2025
    The Top 5 Marketing Technology Challenges Marketers Will Face
    Jul 18, 2025
    A New Frontier For Marketers
    Jul 17, 2025
    How To Do Well In Online Community Operation? The Key Points And Techniques Of Community Marketing Operations
    Jul 16, 2025
    Advertising Technology And Marketing Technology Go Hand In Hand In Today's Digital Marketing Era
    Jul 15, 2025
  • Entrepreneurship
    Entrepreneurship Show More
    How to defeat your competitors in the entrepreneurial circle
    Jul 19, 2025
    The Ten Golden Rules Of Entrepreneurship
    Jul 18, 2025
    9 Advantages For Women To Succeed In Business
    Jul 17, 2025
    How To Examine Your Business Venture
    Jul 16, 2025
    To Start a Business, Choose The Right Market Breakthrough Source
    Jul 15, 2025
  • Company
    Company Show More
    United Parcel Shipping Services
    Jul 19, 2025
    Indian Oil Corporation
    Jul 18, 2025
    The World's Beverage Giant - Pepsico
    Jul 17, 2025
    HSBC Holdings plc
    Jul 16, 2025
    Reuters
    Jul 15, 2025
  • Entrepreneur
    Entrepreneur Show More
    Sam Walton - Founder of Walmart
    Jul 19, 2025
    The Entrepreneurial History Of Tesla Founder Elon Musk
    Jul 18, 2025
    Phil Knight - founder of Nike in the USA
    Jul 17, 2025
    Uniqlo Boss Masa Yanai: A Company Without a Soul Is Not a Good Company 
    Jul 16, 2025
    The King of Hedge Fund Wall Street Plunge - David Tepper
    Jul 15, 2025
Search
Share via
Reading: Indian Oil Corporation
logo logo
  • Home
  • Management
  • Marketing
  • Entrepreneurship
  • Company
  • Entrepreneur
Search
  • Home
  • Management
  • Marketing
  • Entrepreneurship
  • Company
  • Entrepreneur
Home > Company > Indian Oil Corporation
Company

Indian Oil Corporation

Its main business activities include refining, marketing and engaging in international trading activities, with its primary mission being to reduce India's dependence on foreign oil and thereby save valuable foreign exchange

Last updated: Jul 18, 2025

The Indian Oil Corporation was formerly known as the Indian Refining Company Limited (IRCL), established by the Indian government in 1958. Oil Company and Shell Oil Company started a price war to squeeze Indian Oil Corporation Limited out of the market, but Indian Oil Corporation, with the support of the government, defeated the foreign oil companies and emerged as the leading Indian oil company limited by merger to form Indian Oil Corporation. With the rapid industrialisation of India, oil imports were increasing and a significant portion of the country's foreign exchange was absorbed by oil imports. In this context, the government declared a ban on the import of petroleum and petroleum products by private companies, thus informally granting the Indian Oil Corporation a monopoly on petroleum imports. By the mid-1960s, the Indian government changed its policy and began to allow foreign oil companies to expand their production capacity again, and Indian oil companies entered into swap agreements with major oil companies in order to facilitate the sale of refined petroleum products.


After the 1970s, with the help of the former Soviet government and other foreign companies, the Indian Oil and Gas Commission discovered several important oil and gas fields off the coast of India, thereby increasing its domestic oil supplies. after the oil crisis of 1973, the role of Indian oil companies in the life of the Indian economy rose rapidly. The company also began to import oil from Saudi Arabia, Iraq, Kuwait and other countries at this time. At the same time, India decided to nationalise the country's remaining oil plants, taking over the Burma Shell Refinery at Bombay and the Kartix Refinery at Vizagapatnam in 1976 (incorporating them into Hindustan Petroleum. which was originally a joint venture between the Government of India and Esso Petroleum.) In 1981, the Indian Oil Corporation took over part of the refining and marketing operations from Assam Oil. oil consumption in India continued to increase at an annual rate of 8% in the late 1980s.


The oil market in the 1990s was even more volatile, with oil prices closely linked to the world's political situation. However, the company remained steadfast in its determination to make a significant contribution to the Indian oil industry. At the same time, the company diversified into international trade.

TAGGED: Oil, India, energy
Previous Article James Simmons - Wall Street Alternative Stock God
Next Article Six Strategies for Moving from an Executive to a True Leader

Most Popular

United Parcel Shipping Services
Company Jul 19, 2025
Electronics Giant Philips
Company Jun 30, 2025
How to defeat your competitors in the entrepreneurial circle
Entrepreneurship Jul 19, 2025
The Lower The Level Of Managers, The More They Have These 3 Characteristics In Managing Their Teams
Management Jul 19, 2025
What Exactly Is The Best Way To Do Marketing?
Marketing Jul 19, 2025
Sam Walton - Founder of Walmart
Entrepreneur Jul 19, 2025

You Might Also Like

Company

Koch Industries Group

Jun 12, 2025
Company

Royal Dutch Shell plc Group

Jun 09, 2025
Entrepreneur

Oil King - Paul Getty

Jun 09, 2025
Company

Chevron Corporation, One Of The World's Largest Energy Companies

Jun 08, 2025

Copyright © 2025 busiis.com. All rights reserved. User Agreement | Privacy Policy