IOC partners with state-run oil company in UAE

Indian Oil Corporation (IOC) and the United Arab Emirates' (UAE) state-run oil company Abu Dhabi National Oil Company (ADNOC) have entered a long-term sales agreement for supply of high-quality base oil ADbase. IOC will use ADbase oils which has a high viscosity index (VI) to manufacture high-end lubricants for the domestic automobile sector.

The Indian market for finished lubricants is 2 million tonnes (MT) and is growing at the rate of 2.4 per cent per annum. IOC is the largest producer of finished lubricants in the Indian market with an approximate volume of 4,50,000 tonnes per annum. IOC's Servo brand dominates the domestic lubricant market.

IOC is among the largest corporate in the country and is the top Fortune Global 500 Company in India. The company has presence in the complete hydrocarbon value chain from downstream refining and marketing, petrochemicals, pipeline transportation, exploration and production and gas marketing.

On Thursday, at 14:17 hours, the stock of Indian Oil Corporation was quoting Rs. 153.20 per share, down by 0.39 per cent, among its peers in the oil market sector, BPCL was trading at Rs. 354.35, up by 1.68 per cent, while HPCL was at Rs. 272.90, up by 1.70 per cent on BSE.