Indian Oil Corporation Limited Research Articles

A Study of Financial Planning and Forecasting With Reference to Indian Oil Corporation Limited

Financial planning is a ceaseless procedure of guiding and designating financial assets to meet strategic goals and targets. The yield from financial planning appears as budgets. The most generally utilized type of budgets is Pro Forma or Budgeted Financial Statements. The establishment for Budgeted Financial Statements is Detail Budgets. Detail Budgets incorporate sales conjectures, production figures, and different gauges in help of the Financial Plan. On the whole, these budgets are alluded to as the Master Budget. We can likewise separate financial planning into planning for tasks and planning for financing. Working individuals centre around sales and production while financial planners are keen on the best way to back the tasks. In this manner, we can have an Operating Plan and a Financial Plan. Be that as it may, to keep things basic and to ensure we incorporate the procedure completely, we will consider financial planning as one single procedure that includes the two tasks and financing. Financial Planning begins at the highest point of the organization with strategic planning. Since strategic choices have financial ramifications, you should begin your planning procedure inside the strategic planning process. Inability to interface and associate planning with strategic planning can result in budgets that are "dead on landing." Strategic planning is a formal procedure for setting up goals and targets as time goes on. Strategic planning includes building up a statement of purpose that catches why the organization exists and plans for how the organization will flourish later on. Strategic targets and relating goals are created dependent on an exhaustive evaluation of the organization and the outer condition. At last, strategic plans are executed by building up an Operating or Action Plan. Inside this Operating Plan, we will incorporate a total arrangement of financial plans or budgets. Indian Oil Corporation Limited (IOCL), also known as Indian Oil, is an Indian government-owned oil and gas explorer and producer, a significant player in the country's energy sector. Headquartered in New Delhi, it is the largest commercial oil company in the country, with a significant presence across the value chain of the petroleum industry, including refining, pipeline transportation, and marketing of petroleum products. IOCL's Chennai operations are a vital part of its extensive network, contributing significantly to its overall performance. IOCL's operations in Chennai also include a sprawling network of pipelines. These pipelines are crucial for the efficient transportation of crude oil to the refinery and the distribution of refined petroleum products to different parts of the region. This network ensures a consistent and reliable supply of fuel, which is vital for the economic development of the area. The retail network of IOCL in Chennai and the surrounding region is extensive, with numerous petrol and diesel stations. These retail outlets not only provide fuel but also offer a range of services and products to consumers. IOCL's focus on customer satisfaction and service quality has made it a preferred brand among consumers. Moreover, IOCL has been at the forefront of adopting innovative technologies and sustainable practices in its operations. The company has undertaken several initiatives in the areas of energy conservation, emission reduction, and waste management to minimize its environmental footprint. These efforts underscore IOCL's commitment to environmental sustainability and its role in promoting green energy alternatives. Indian Oil Corporation Limited's Chennai operations are integral to its strategic objectives and overall success. Through its refinery, pipeline network, and retail outlets, IOCL not only contributes significantly to India's energy security but also plays a pivotal role in the economic development of the region. With a focus on innovation, sustainability, and customer satisfaction, IOCL is poised to continue its leadership role in the Indian petroleum industry. I have chosen Indian Oil Corporation Limited (IOCL) for a project offers a unique opportunity to engage with one of India's leading public sector enterprises, playing a pivotal role in the country's energy sector. IOCL's diverse operations, spanning across refining, pipeline transportation, and marketing of petroleum products, provide a rich learning ground for interns. The exposure to a vast spectrum of operations allows for an in-depth understanding of the energy industry's complexities, offering invaluable insights into both the technical and business aspects of the field. The mentorship and training provided by industry veterans at IOCL are unparalleled, equipping interns with the skills and knowledge necessary to thrive in their future careers. Additionally, the organization's emphasis on corporate social responsibility and community engagement initiatives offers a broader perspective on the impact of business operations on society and the environment. In IOCL is not just a step in one's career journey but a leap into a world of opportunities for growth, learning, and making a meaningful contribution.

Estimating Demand for Passenger Cars : A Model for the Indian Market

Purpose : This study analyzed trends in Indian passenger car sales for the decade 2010–2011 to 2019–2020. These trends were decoded via demand functions estimated using multiple linear regression. This has crucial theoretical and managerial implications. Methodology : Multiple linear regressions were carried out using SPSS for different segments of the passenger car industry, namely, mini, compact, super compact, mid-size, executive, and premium. While sales of passenger vehicles were the dependent variable, personal disposable income, product price, fuel price, and interest rates were explanatory variables. Secondary data from the Society of Indian Automobile Manufacturers (SIAM), State Bank of India (SBI), Indian Oil Corporation Limited (IOCL), and the Ministry of Statistics and Programme Implementation (MoSPI) were sourced. Findings : Demand for most types of passenger cars in India has slowed down, except for compact cars. The regressions show that the mini segment is affected by vehicle price and interest rates, and a lower Goods and Services Tax (GST) for small cars could boost sales. In the compact segment, the price remains a significant factor. Interest rates matter most for the super compact segment, while the preference for better category cars or utility vehicles increases with rising income for mid-size and executive segments. Practical Implications : A demand-side analysis can benefit companies and inform policy decisions to overcome the recent slowdown. The regression model can advance theory and academic research and aid in supply chain management, demand forecasting, and inventory management studies. Originality : Unlike prior research on the Indian automobile sector, this study bifurcates the heterogeneous market into segments and conducts econometric analyses.

An Empirical Study of Relationship between Working Capital Management and Leverage in Selected Petroleum Companies in India

The main purpose of this article is to find out the relationship between working capital management and leverage of selected petroleum companies in India. The management of working capital and leverage in the business organization has been considered as very crucial part in financial management. Working capital considered as surplus of current assets over current liabilities and leverage considered as firm’s ability of employing long term fund having a fixed cost for the purpose of increasing the return of the real owner of the organization. The evaluation of relationship between the two variables and it is identified with the help of parametric test like correlation analysis and one-way ANOVA. The major findings of the study indicated that there is mixed relationship between working capital and leverage position because with the help of correlation analysis Reliance Petroleum, ONGC (Oil and Nature Gas Corporation Limited), IOCL (Indian Oil Corporation Limited), BPCL (Bharat Petroleum Corporation Limited) indicated positive relationship between two variables. GAIL (Gas Authority of India Limited) indicated negative relationship between working capital and leverage during the study period.

Financial Performance Evaluation of Selected CPSEs of India Through Dupont Analysis

The ability to create wealth for investors is one of the key performing indices of a business entity. Return on equity (ROE) measures this index, and DuPont analysis facilitates a critical evaluation of ROE. The present study attempted to establish the impact of DuPont factors on ROE and evaluated the financial performance of the selected companies. The empirical study was carried out on the financial data of three Maharatna central public sector enterprises doing business in the Indian fuel sector: Hindustan Petroleum Corporation Limited (HPCL), Indian Oil Corporation Limited (IOCL), and GAIL (India) Limited. Data were derived from the annual reports for a period of 10 years, from 2010–11 to 2019–20. Multiple linear regression was used to assess the degree of influence of DuPont factors on ROE. The results showed that the net profit margin of all the companies had more impact on ROE rather than the total asset turnover and equity multiplier . The results also proved that GAIL (India) Limited is a favored company for investors among the three companies considered in terms of consistency in ROE.

Optimization of Physicochemical Conditions for the Phenanthrene Degrading Consortium NS-PAH-2015-PNP-5

Polycyclic aromatic hydrocarbons (PAHs) are widespread ecological contaminants. These are produced as a result of diverse natural and anthropogenic activities. Phenanthrene is a low molecular weight PAH and is found prominently around the petrochemical contaminated sites. The increasing environmental concentration of phenanthrene is a threat to the ecosystems and their natural functioning. The present study developed a phenanthrene degrading bacterial consortium NS-PAH-2015-PNP-5 from the petrochemical contaminated soil near the Indian Oil Corporation Limited (IOCL) refinery, Panipat (India). The sample soil's pH, EC, TOC, and phenanthrene concentrations were 7.9, 1.81dS/m, 4.2%, and 19.7 mg/kg, respectively. Results from the 16S rRNA metagenome analysis of the consortium NS-PAH-2015-PNP-5 have shown an overwhelming population of Proteobacteria and Pseudomonas spp. at the respective phylum and species diversity. Response surface methodology (RSM) of statistical optimization tool ‘Design-Expert’ was used to optimize the physicochemical conditions for the phenanthrene biodegradation study. In the experiment, three factors, including temperature, pH, and concentration of phenanthrene, were optimized against the single response phenanthrene degrading efficiency (%). The gas chromatographic analysis results showed that a phenanthrene degrading efficiency of 89% was obtained at optimized physicochemical conditions (i.e., 35 °C temperature, pH 7.3, and 869 ppm concentration of phenanthrene) after 7 days of incubation of NS-PAH-2015-PNP-5 at a constant shaking rate of 100 rpm. Highlights: Bacterial consortium NS-PAH-2015-PNP-5 having a foremost population of phylum Proteobacteria, was developed from the petrochemical contaminated soil. A synergistically improved rate of phenanthrene biodegradation by NS-PAH-2015-PNP-5 was achieved at optimized physicochemical conditions using the Design-expert.

RETRACTED: Assessment of failure and consequences analysis of an accident: A case study

Abstract Over the last decades a significant need has developed for change regarding safety control in the process and storage industries. Past-accident analysis shows that most dangerous incidents are related to failure of process operations and/or associated equipment. In October 2009, a series of events triggered by the dearth of redundant level control measures led to the release of huge quantities of gasoline from a bulk storage of Indian Oil Corporation Limited (IOCL) facility at Sitapura near the Jaipur airport in India, preceded by Buncefield, UK (2005), Puerto-Rico, USA (2009). All the above episodic incidents involved much extended clouds with characteristic diameters in the range 400–1000 m. Such incident established the need to not only understand vapour cloud explosion (VCE), but also the importance of avoiding the escalation of minor incidents into much more devastating consequences. At 18:10 IST on 29th October 2009, a leakage of gasoline occurred from one of the storage tanks on the IOCL Petroleum Oil Lubricants Terminal at Jaipur, India. The leakage continued for about 75–90 min led to the release of almost 340–400 tons of gasoline and created a very large vapor cloud (≈180,000 m2) over the entire installation. The delay ignition triggered a devastating VCE, which generated significant peak overpressure (>200 kPa). The VCE was followed by a multiple tank fire (9 tanks immediate after VCE), which lasted for 11 days. This accident resulted 11 fatalities, more than 150 people were injured, and a property loss of approximately US $60 million was reported. From an incident investigation so far, it can be understood that the obstacle in the flame path will create the intensified flame velocity reaching the Deflagration to Detonation Transition (DDT) level. A detonation is an unusual event; however, it is the worst case accidental event. The detailed analysis of IOCL, Jaipur and other accidents reported have highlighted that a typical major accident is not the result of a single undesired event, but rather the consequence of a succession of failures at several levels. Therefore, it has been a key challenge to anticipate combinations of such failures and corresponding unidentified incident scenarios. Additionally, the consideration of DDT phenomena in hazard and risk assessment would identify new escalation potentials and identify critical impacted. This knowledge will allow a more effective management of this hazard. Two complementary approaches to deal with this challenge are: i) improved identification of a typical scenarios, to reduce the occurrence of unforeseen events; ii) improved early detection, to reduce the possibility of remaining unforeseen events leading to an accident.

Kinetic evaluation for rapid degradation of dimethylamine enriched with Agromyces and Ochrobactrum sp.

Dimethylamine (DMA) possesses an obnoxious odor which has resulted in public concern during the past several decades. A rare bacterial species proficient to degrade DMA, designated IR-26, was isolated from Indian Oil Corporation Limited (IOCL) and identified as Agromyces and Ochrobactrum sp., which has presented a rapid degradation when compared to other bacterial species which were capable to degrade DMA. The removal efficiency of 100% has been calculated in different concentration of DMA. The kinetic study reveals the maximum reduction rate of DMA was 0.11 per hour and the maximum growth rate of biomass was 0.013 per hour respectively. The saturation constant of DMA was around 1.96 mg/L which shows a high affinity of DMA. The importance of these analyses is offered and conversed in this paper.

Life cycle assessment and life cycle costing of conventional and modified dilute acid pretreatment for fuel ethanol production from rice straw in India

Abstract Dilute acid (DA) pretreatment results in the formation of inhibitory compounds and pseudo-lignin along with the burden of unnecessary materials like ash, extractive, lignin or their condensed products that reduces the conversion efficiency of cellulose to monomeric sugar. Indian Oil Corporation Limited (IOCL) has developed a modified pretreatment (MP) in order to reduce the enzyme dosage during ethanol production. This method uses extraction of biomass in water and varying alkali concentration of 0.2, 0.4 and 0.5%, prior to pretreatment as a strategy to reduce the enzyme dosage and improve the ethanol yield. The environmental and economic impact of these MP scenarios in comparison with conventional pretreatment (CP) is studied. The ethanol production increases from 218 to 267 L using MP. The introduction of extraction step prior to DA pretreatment fulfills the objective of reducing enzyme dosage by 23–39%. However, overall life cycle assessment (LCA) results revealed that performance of MP2, MP3 and MP4 is on a negative side in all the environmental impact categories as compared to CP due to the use of alkali, where a huge amount of emissions are released during the production stage. Overall, MP1 using water as a media for extraction is the most environmentally suitable pretreatment process for ethanol production. Life cycle costing (LCC) results showed that cost of 1 L ethanol production could be lowered down from 0.87 to 0.70 United States Dollar (USD) using MP1 scenario. From an environment and economic perspective, it is recommended to use only water as an extraction media for biomass, as this can reduce the enzyme dosage, emissions and cost.

Intrinsic Valuation by Two Stage Growth Model: Study of Oil Marketing Companies in India

In capital market many fundamental valuation methods are used by financial analysts and professionals to value stocks and explore their performance over time and various economic conditions. This research work is done to know about the intrinsic value of shares of Oil marketing companies listed on NSE by applying Two- Stage Growth Dividend Discount Model. For the analysis intrinsic values of four companies; Reliance Industries, Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL) are calculated and compared with their market prices. This comparison determines whether the stock is overvalued or undervalued and investors can take decision regarding investment in particular stock. From the study it was found that the equity prices of selected oil marketing companies are undervalued in the Indian stock markets after comparing the intrinsic values of the stocks found in the study by Two- Stage Growth Model.

The influence of volume blockage ratio on IOCL Jaipur explosion

In present work the influence of VBR (Volume Blockage Ratio) on explosion overpressure generation are studied. As a reference a model plant of IOCL (Indian Oil Corporation Limited) Jaipur accident, 2009 is constructed with the help of CFD (Computational Fluid Dynamics). In order to understand the dense cloud behavior under calm wind conditions replicating the worst-case scenario three dimensional modeling of the plant, items and obstacles in form of vegetation are done. Fuel vapor is leaked at different rates from a valve connected to piping supplying fuel to a nearby tank and dispersion characteristics are predicted. The developed model is validated by comparing the results with standard test results and by grid independent study. It was found that under relatively calm weather conditions the flammable pancake shaped cloud is formed and covered a region of 600–900 m (equivalent diameter) in two to three hours of simulation time. CFD predictions also show that the VBR present in such plants can significantly increase the overpressure which is often properly not accounted in the risk assessment studies. In the presence of realistic VBR such large cloud is able to produce an explosion overpressure of the order of 2–20 bar which is not normal for general Vapor Cloud Explosions (VCEs). Furthermore, it has been shown that the dispersion characteristics can be represented in form of a leak Reynolds number. The results demonstrate the capabilities of CFD to provide many useful information on dispersion behavior of a dense media and thereby minimizing the risks from major hazards by modeling the worst-case scenarios effectively.

Prediction of Indian petroleum product prices by using Kalman Filter based Neural Networks

The experiments are performed over the petroleum product prices data which are downloaded from Indian oil corporation Limited (IOCL) official website. These data are updated on daily basis according to the guidelines from Indian government and the price of international market. Predictions of PP prices are sound interesting as the fluctuations in the PP prices are influencing the stock market prices. We have compared Kalman filter based neural networks (KFNN) with two other well-known neural networks (NNs) training method for the petrol price predictions. Results show that the KFNN training method is converging faster and shows better performance with less error. Therefore KFNN showed effectiveness for PP price predictions.

Analysing Liquidity Management and Financial Performance Practices of ONGC and IOCL

A corporate sector, to survive in the competitive business world, should maintain its appropriate liquidity position to meet its current obligation. Conversely, a corporate sector disappoints if it is not able to meet its short-term responsibility in due course of time, resulting in bad credit rating by outsiders and decrease in the value of reputation in the market. Bearing in mind the rigid competition happening in current commercial atmosphere, analysing liquidity and examining its effect on profitability are extremely important to the business managers for quick decision-making competence and superiority. In this framework, in the present study, an effort has been made to analyse the liquidity management and financial performance of Oil and Natural Gas Corporation (ONGC) and Indian Oil Corporation Limited (IOCL), leading petroleum producing industries in India for the period 2006–2007 to 2015–2016. To investigate the liquidity positions and measure the degree of relationship between liquidity and profitability of ONGC and IOCL, different financial ratios analysis, comprehensive rank test, Spearman's rank correlation analysis and t test have been employed.

EMPLOYER BRANDING: A STUDY OF PSU'S

Employer branding involves efforts on the part of employer to promote self on the grounds of its uniqueness and desirability as an employer, both within and outside the firm. Employer branding has gained immense popularity amongst practicing managers in recent years. Therefore, the quest was to study the relationship of Employer Branding with the two very strategically important constructs, i.e., Motivation and Intention to Stay. Development of questionnaire was carried out with the help of standardized scale and was utilized to measure the perception of employees from four public sector undertakings (PSU), namely, State Bank of India (SBI), Punjab National Bank (PNB), Indian Oil Corporation Limited (IOCL), and Oil and Natural Gas Commission (ONGC). The sample size was of 120 respondents which included the employees from top level, middle level, and junior level management. The statistical tests employed for this research investigation were Exploratory Factor Analysis (EFA), Confirmatory Factor Analysis (CFA), and Structural Equation Modelling (SEM). It was found that Employee Motivation explains Employer Branding to the tune of 85%, whereas Employer Branding is further explaining “Intention to Stay” to the extent of 25%. Being based on the primary data, the accuracy of the study is dependent on the reliability of the responses given by the respondents. The outcomes of the study would be useful for the PSU’s to strategize their priorities in order to create a good Employer Brand by motivating employees and thereby retaining employees. The linkage between motivation of employees, Intention to Stay, and Employer Branding has been explored in this study, and this could be probably showcasing the importance of motivating the employees to usher in a good image for the organization. The researchers have also developed a unique model which could be followed by the organizations to curb attrition.

Individual and Societal Risk Assessment for a Petroleum Oil Storage Terminal

AbstractThis paper presents an assessment of individual and societal risk associated with the effects of explosions and fires in the petroleum oil storage terminal of Indian Oil Corporation Limited (IOCL), Jaipur, India, that occurred on October 29, 2009. Eleven fatalities and a property loss of approximately U.S. $60 million were reported. The maximum risk level at a distance of around 100 m from the release point is 10−4 per year. The next risk level, i.e., 10−5 per year is at a distance of 280 m within the terminal boundary. This paper demonstrates that the individual risk inside the terminal for various categories of personnel is in the range of 10−5 to 10−6 per year. Moreover, F/N curve (where N is the number of fatalities, and F is the frequency of N or more fatalities) indicating societal risk is in the so-called as low as reasonably practicable region. Thus the total risk at the terminal does not lie in the unacceptable region, but in the as low as reasonably practicable region where substantia...

Automation of emergency response for petroleum oil storage terminals

In the recent decades, several fatal accidents have occurred around the world at petroleum storage sites leading to fire, explosion and toxic release scenarios. Such accidents result in huge loss of lives and property, along with widespread environmental damage due to improper coordination and communication in the emergency response. Therefore, emergency response planning is an integral and essential part of the safety and loss prevention strategy and comprises of the actions taken to manage, control and mitigate the immediate effects of an incident.An emergency requires a crystal clear hierarchy of command and organizational-procedural guidelines without any ambiguities. This paper highlights the need, structure and development of an automated networking system, called the electronic-Incident Command System (e-ICS), through case study of the Indian Oil Corporation Limited (IOCL) Jaipur storage terminal accident. Based on the previously proposed Incident Command System, e-ICS further strengthens coordination and communication in emergency responses. The response mechanism, through Confirmation, Command, Tactical and Support Nets for vertical and horizontal flow of commands and information has been described. This paper also discusses the importance of the Emergency Operations Center and Emergency Management Computation System in expediting the information flow. Thus, recommendations for improving coordination in crisis management are proposed.

Quality of appraisal practices in Indian PSUs: a case study

The main aim of the study is to assess the level of expectation and experience regarding the consideration of the skills relating to internal marketing in performance appraisal report while evaluating performance of human resources in Indian Oil Corporation Limited (IOCL) (AOD; Assam Oil Division), Digboi. This study also attempts to assess the level of expectation and experience regarding ideal ‘post-performance-appraisal-scenario’ in IOCL (AOD), Digboi. Furthermore, the study ventures to assess the level of overall satisfaction with performance appraisal system of the company as perceived by the employees, i.e. the internal customers. The study has looked into performance appraisal as a tool of human resource management through the lenses of internal marketing skills in the context of Central Public Sector Undertakings, which have very narrow base of internal Customers. This new approach has the potential to orient the Public Sector Undertakings to the market-driven economy.