Public Enterprise Selection Board (PESB) selected Sanjiv Singh as the new Chairman of Indian Oil Corporation Ltd, the nation’s largest company.
About IOCL :
Indian Oil Corporation(Indian Oil) is India’s Largest Commercial Enterprise, with a net profit of Rs.103.99 billion (US$1.5 billion) for the financial year 2015-16.
- Standing true to its corporate vision of being ‘The Energy of India’, Indian Oil has been successfully meeting the energy demands of India for more than five decades.
- Being India’s flagship national oil company, IndianOil with a work-force of 33,000 efficient minds is living their vision of becoming ‘a globally admired company’. It is the leading Indian Corporate in Fortune’s prestigious ‘Global 500’ listing of world’s largest corporates at 161st position for the year 2016.
- IndianOil’s business interests overlap the entire hydrocarbon value-chain—from refining, pipeline transportation and marketing of petroleum products to exploration & production of crude oil.
- And from marketing of natural gas to petrochemicals. Also, IndianOil has ventured into alternative energy and globalisation of downstream operations. With subsidiaries in Sri Lanka, Mauritius and the UAE, IndianOil is scouting for new business opportunities in the energy markets across Asia and Africa. It has also formed about 20 joint ventures with reputed business partners from India and abroad to pursue diverse business interests.
- India has begun the development of a strategic crude oil reserve sized at 4 million barrels, enough for two weeks of consumption.Petroleum stocks have been transferred from the Indian Oil Corporation (Indian Oil) to the Oil Industry Development Board (OIDB). The OIDB then created the Indian Strategic Petroleum Reserves Ltd (ISPRL) to serve as the controlling government agency for the strategic reserve.
About Sanjiv Singh :
Mr. Sanjiv Singh has been Director of Refineries at Indian Oil Corporation Limited since July 1, 2014.
- Mr. Singh served as an Executive Director of Paradip Refinery Project at Indian Oil Corporation Limited and served as its Executive Director of Panipat Refinery since May 2, 2013.
- He has been a Director of Chennai Petroleum Corporation Ltd since July 3, 2014. He has been a Whole-Time Director of Indian Oil Corporation Limited since July 1, 2014.
- He served as the Director of Refineries, Whole-Time Director, Member of LNG Sourcing Committee, Member of Spot LNG Purchase Committee, Member of Marketing Strategies Committee, Member of Risk Management Committee, Member of Contracts Committee and Member of Planning & Projects Committee, Indian Oil Corporation Limited.