Downstream Giant Expands Throughout The Value Chain

July 2006 | Company Spotlight

Indian Oil Corporation (IOC) is the country's dominant downstream player, boasting sales of US$35bn and operating 10 of the country's 18 refineries. Under chairman Sarthak Behuria, the 82%-state owned company is looking to grow and diversify in both domestic and international markets - transforming itself into a vertically integrated, transnational energy major. It remains the largest petroleum trader among NOCs in the Asia-Pacific region. Behuria is determined to propel the company further up the ranks of the Forbes 500 - last year it ranked 170th, the pole position for an Indian corporate. The target is to become a US$60bn company

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