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India Petroleum Industry

The India Petroleum Industry is a case in point for exhibiting the giant leapsIndia has taken after its independence towards its march to attain a self-reliant economy.

During the Independence era of 1947, theIndia Petroleum Industry was controlled by foreign companies andIndia's own expertise in this sector was limited. Now, after 60 years, theIndia Petroleum Industry has become an important public sector undertaking with numerous skilled personnel and updated technology that is comparable to the best in the world. The vim and the achievement during these years is the growth of productivity in petroleum and petroleum-based products. Even the consumption has multiplied itself nearly 30 times in the post-independence era.

An important advancement in the petroleum industry came with the Industrial Policy Resolution, 1956 which signified the promotion of growth of industries. The ONGC, originally set up as a Directorate in 1955, was transformed into a Commission in 1956. In 1958, theIndian Refineries Ltd., a government undertaking, came into existence. TheIndian Oil Company (IOC), also a government undertaking, was set up in 1959 with the purpose of marketing petroleum-related products.Indian Oil Corporation Ltd. was formed in 1964 with the merger of theIndian Refineries Ltd. and theIndian Oil Company Ltd. Presently, 17 refineries operate under theIndia Petroleum Industry. Growth of the India Petroleum Industry:

In the post-independence era,India grew tremendously in terms of infrastructure in the petroleum industry, which in turn helped increase the production of petroleum and petroleum-related products.
  • During 1947-57, 3 refineries were set up in Mumbai and Visakhapatnam by transnational oil corporations doing business in Indian
  • During 1957-67, another 3 refineries were established in Guwahati, Barauni, and Koyali byIndian Refineries Ltd.
  • During 1967-77. 2 more were set up in Chennai by Iranian companies and in Haldia byIndian Oil Ltd.
  • During 1977-87, 2 more refineries were commissioned. The one at Bongaigaon was the first to have an amalgamated petroleum refinery-cum-petrochemicals unit. The other was established at Mathura.
  • During 1987-97, 2 more were set up at Nagapattinam and Mangalore.
  • During 1998-2007, refineries at Panipat and Numaligarh were set up.
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India Petroleum Industry