IOC: Energising The Nation
IOC accounts for nearly half of India’s petroleum products market share, with sales of 88.76 million tonnes in 2017-18
Being the ‘Energy of India’ isn’t about jaw-dropping turnover (Rs 5,06,428 crore in 2017-18) or record profits (Rs 21,346 crore in 2017-18). It also isn’t about being ranked 168th among the world’s largest corporates in Fortune’s ‘Global 500’ listing, and the vision to become ‘a globally admired company.’ For Indian Oil Corporation (IOC) and its more than 33,000-strong employees, being the Energy of India is about its vision to take the lead in meeting India’s humongous energy demands efficiently and effectively, just as it has done over the last five decades fuelling India’s core sector development.
And to realize this vision, IOC is alert to the need for investing in its workforce to make them future-ready. In the words of Sanjiv Singh, Chairman, IOC, “To drive the success of future business operations in today’s volatile environment, our leaders need a blend of integrated knowledge, judgment and competencies to lead effectively. The country’s biggest commercial enterprise fully understands this and uses people-development interventions as a strategic imperative to continually upgrade its workforce.”
According to him, “The sustained operational and financial performance of the organisation is the fruitful manifestation of the right and timely learning and developmental strategy adopted by us. Its strong focus on people development offers not merely a job but a rewarding career to the executives joining the organisation. Future-ready IOCians, enabling Indian Oil achieves its vision to be the Energy of India, are its real USP.”
Being the Energy of India is about IOC’s business interests encompassing the entire hydrocarbon value chain – from refining, pipeline transportation and marketing to exploration and production of crude oil and gas, petrochemicals, gas marketing, alternative energy sources and globalisation of downstream operations.
Urvisha H. Jagasheth, Research Analyst, CARE Ratings says, “With India being the third largest energy consuming country in the world, the oil and gas industry has progressed remarkably in terms of investment outreach and introduction of more investor friendly policies and guidelines. The downstream segment has expanded its business operations by not only limiting itself to the refining of oil and marketing of fuels but by investing into the pipelines, petrochemicals, exploration and production, natural gas and alternate energy.“
Indian Oil accounts for nearly half of India’s petroleum products market share, with sales of 88.76 million tonnes in 2017-18. More than 35 per cent of the national refining capacity and 71 per cent of downstream sector pipelines throughput capacity are with Indian Oil. What’s more, IOC owns and operates 11 of India’s 23 refineries, with a combined refining capacity of 80.7 million metric tonnes per annum (MMTPA). Indian Oil led the industry in keeping its commitment to supply cleaner, 100 per cent BS-IV compliant automotive fuels across the country from 1 April 2017. It went on to supply BS-VI compliant auto fuels across Delhi/ NCT from 1 April 2018.
Indian Oil has been adjudged the Best Enterprise for Women among Maharatna PSUs by the Forum of Women in Public Sector (WIPS) for the last two consecutive years — 2016 and 2017. The last few years have seen more and more women joining its workforce. In the last decade, the number of women officers has almost doubled from 941 in 2008 to 1,802 in 2018, with the total employee strength largely remaining the same. The number of women in middle and senior management roles has also risen during the period.
“Women empowerment is being done at five levels: equal employment opportunities; enabling policies for women; safe, congenial and harmonious working environment for women; development of women through challenging assignments, coaching & mentoring; and encouraging and supporting the Forum of Women in Public Sector (WIPS) ,” Singh said.
Investment in social welfare activities has been an integral part of Indian Oil’s journey. Its social upliftment activities across the nation includes focus on safe drinking water and protection of water resources, healthcare and sanitation, education and employment-enhancing vocational skills, and empowerment of women and socially/economically backward groups.