A commemorative postage stamp on the Indian Oil Corporation Limited (IOCL) : 50 Golden Year in the Service of the Nation :
Issued on Jun 30, 2009
Issued for : The Department of Posts is proud to be a part of Indian Oil’s Golden Jubilee celebrations with the release of this commemorative postage stamp.
Type : Stamp, Postal Used
Colour : Multi colour
Denomination : 500 Paise
Stamps Printed : 0.4 Million
Printing Process : Wet–offset
Printer : Security Printing Press, Hyderabad
- History unfolds itself in ways that may seem insignificant at first but leave a profound impression on our lives at the opportune time.
- Half-a-century ago, one such event took place that went on to impact the destiny of the world’s largest democracy that was taking baby-steps towards growth and prosperity. Established in a two-room tenement as an oil marketing entity on 30th June 1959, Indian Oil Company Ltd. was renamed Indian Oil Corporation Ltd. in the year 1964 following the merger of a refining entity, Indian Refineries Ltd. (established in August 1958), with it. The integrated entity started functioning with the crucial mandate of achieving self-sufficiency in petroleum refining and marketing operations for the nation.
- 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, Indian Oil has since grown to a sales turnover of Rs. 285,337 crore for 2008-09, with the distinction of being India‘s largest commercial enterprise. It is currently the highest-ranked Indian company (ranked 116) in the prestigious Fortune ‘Global 500’ listing of the world’s largest corporates. It is also the 18th largest petroleum company in the world.
- The Indian Oil group of companies accounts for nearly half of the country’s petroleum products market share, 34% national refining capacity and 71% downstream sector pipelines capacity in India. The group owns and operates 10 of India’s 20 refineries with a combined capacity of 60.2 million tonnes per annum (MMTPA). Projects under execution were set to enhance the capacity to 80 MMTPA by the year 2011-12.
- Indian Oil’s 10,000-km cross-country network of crude oil and product pipelines, the largest in the country, meets the vital energy needs of the consumers in an efficient, economical and environment-friendly manner.
- As the national oil company in the downstream sector, Indian Oil touches the lives of millions across the length and breadth of the country everyday, traversing a diversity of cultures, terrains arid climates. Its network of about 35,000 sales points includes over 18,000 petrol & diesel stations and specially-formatted Kisan Seva Kendra meeting the diverse needs of the rural populace.
- Indian Oil’s clean and convenient Indane cooking gas reaches the doorsteps of over 53 million households in nearly 2,700 markets. Its aviation fuelling service commands over 62% market share, catering to the Indian Air Force, domestic and international flag carriers and private airlines.
- Set up in 1972, Indian Oil’s R&D Centre has blossomed into a world-class institution. Besides pioneering work in lubricants formulation, refinery processes, pipelines 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 over 120 active patents to its credit, including several international ones.
- For Indian Oil, its 34,000-strong team striving to meet the energy demands of the nation, is its most valuable asset. Indian Oil People have always been in the forefront in adapting to the changing environment-and enhancing the organisation’s capabilities in providing innovative and value-added offerings to the customers. The Corporation’s core values of care, innovation, passion and trust have enabled it to nurture an open work culture, creativity, skill development and participative management focussed on customer needs and aspirations. Its apex learning centre, Indian Oil Institute of Petroleum Management (IIPM), is engaged in nurturing talent, upgrading skills, and creating a bank of knowledge managers through international-level programmes. Many of its senior managers have served in key positions in the oil & gas sector, leaving a mark of professionalism and expertise.
- Text : As per the material provided by the proponent.