Indian Oil Corporation, the oil refining and marketing major, with a turnover of Rs. 1,44,884 cr and a profit of Rs. 4,891 cr for fiscal 2004-05, has been ranked first in The 500 list. The oil behemoth, which is busy setting up its foot in overseas markets ranks 170 (2005 ranking) in the Fortune `Global 500' list. Besides, for the second consecutive year, it was adjudged No. 1 in the petroleum trading business among the National Oil Companies in the Asia-Pacific region; it is the 18th largest petroleum company in the world.

The company reached many new milestones in the FY 2004-05. It logged US $1 bn in earnings for the first time, as per its annual report for FY 2004-05. This was achieved through initiatives like overseas marketing forays, diversification into natural gas marketing, and linear integration-both upwards into oil exploration, production, and downwards into petrochemicals. It reached another landmark as its countrywide network of petrol and diesel retail outlets now number over 10,000. The year also saw the oil giant commissioning the world's largest single-train Linear Alkyl Benzene (LAB) plant (120,000 tons) at Baroda, Gujarat with an investment of Rs. 1,200 cr; this has resulted in IOC securing about 30% share of LAB business.

The company aims to leapfrog to the global big league in the forthcoming period. It aims to grow from a $34 bn turnover company that it is today to a US$ 60 bn global integrated energy company by 2010-11. Another thrust area is globalization of its operations. Already, the company has taken some major initiatives towards reaching that goal. It achieved a major breakthrough overseas when along with Oil India it bagged its maiden overseas project in the highly prospective Sirte Basin of Libya. Its other overseas ventures include the Farsi Exploration Block in Iran.

The Analyst Magazine, Indian Oil Corporation, National Oil Companies, Asia-Pacific Region, Natural Gas Marketing, Overseas Marketing, Global Integrated Energy Company, Petrochemical Business, Gas Marketing, Farsi Exploration Block, Linear Alkyl Benzene, LAB, Overseas Marketing.