Indian oil company

The predecessor of Indian Oil Corporation is the Indian Refining Company Limited, which was established by the Indian government in 1958. In 1959, the Indian government established the Indian oil company with the main goal of providing petroleum products for Indian state-owned enterprises and selling the products of state-owned refineries. After 1961, standard vacuum oil company and shell oil company started a price war in order to squeeze Indian Oil Company Limited out of the market. However, with the support of the government, Indian oil company defeated foreign oil companies and stood out to become the main oil company limited in India and merged to form Indian Oil Company Limited. With India's rapid industrialization, more and more oil imports, a considerable part of the country's foreign exchange has been absorbed by oil imports. In this case, the government announced a ban on private companies to import oil and petroleum products, thus informally giving Indian oil companies monopoly on oil import. In the mid-1960s, the Indian government revised its policy and began to allow foreign oil companies to expand their production capacity. Indian oil companies also reached exchange agreements with major oil companies in order to promote the sales of refined oil 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 along the coast of India, thus increasing its domestic oil supply. After the oil crisis broke out in 1973, the role of Indian oil companies in India's economic life rose rapidly. At this time, the company began to import oil from Saudi Arabia, Iraq, Kuwait and other countries. At the same time, India decided to nationalize the rest of the country's oil plants, taking over the Burmese shell refinery in Bombay and the kartix refinery in vizagapatnam in 1976 (merging them into Hindustan oil company). The company was originally a joint venture between Indian government and Esso oil company.) In 1981, Indian oil company took over part of refining and marketing business from Assam oil company. In the late 1980s, India's oil consumption continued to increase at an annual rate of 8%.

In the 1990s, the oil market was even more unpredictable, and its oil price was closely linked with the political form of the world. However, the company has always made great contributions to India's oil industry. At the same time, the company vigorously carry out diversified operation, vigorously to the development of international trade.