31st May 2019

Strictly Private and Confidential

Indian Oil Corporation: The Future of India Energy
● Maharatna Company; GoI Control: 52.18%
Strong Support from the ● Government nominated Directors on IOC Board
Government of India
● Contribution to exchequer of INR 1934 bn in FY19

● 11 refineries with 80.70 MMTPA Capacity

Largest Refiner in the Country
● 32% of Domestic Refining Capacity

● 14,000+ km pipelines for crude oil and products

with a total capacity of 94.2 MMTPA
Pan-India Pipeline Infrastructure
● 51% share in crude and product pipeline (by
length)

Leading Market Share ● 43.9% petroleum market share in FY19 with over
Across Portfolio 50,984 touch points

Integrated Operations Across the ● 2nd largest domestic player in Petrochemicals

entire Energy Value Chain ● E&P: 10 domestic and 12 overseas blocks

● 1000 active patents as on 30.04.2019

Strong Focus on Innovation Through
R&D and Alternate Energy Sources ● New focus on Alternate and Renewable Energy
(Wind, Solar, Biofuels, Nuclear)

Driven by a Management Team That ● Consistent growth

has Delivered Results o FY11-FY19 Revenue CAGR: 9.02%
 Our Journey at a Glance
From a humble beginning to an Oil Giant
FY19 31-Mar-19 31-Mar-19
700000 120000.00 30000 27702
605924
600000 Turnover 108658 Retail
100000.00 Net Worth 25000
(Rs./cr) Outlets
500000 80000.00 (INR/Cr) 20000
400000
60000.00 15000
300000
40000.00 10000
200000 4482
77.82 20000.00
100000 5000
0.00
0 0
1965 1975 1985 1995 2005 2015
1965 1975 1985 1995 2005 2015 1980 1990 2000 2010 2019
Net Worth

Refining Capacity Pipeline Network Turnover

MMT Kms (‘000) US$ in Billion
11.6x 81
14 87.6
7.1x

36 7

24 5
4
12 2 13.6
7
0.1 0.6 2.5

1970 1980 1990 2000 2019 1970 1980 1990 2000 2019 1970 1980 1990 2000 2019

Fortune
Contribution Global 500
Platts Energy Moody’s : Baa2
to Exchequer: Ranking :
Ranking: 12 Fitch: BBB-
“Maharatna” US$ 28 Bn 137
(2018)
status (FY19) (2018)

Note: IOC is ranked 12th as per Platt Global Energy Company Rankings 2018.
IOC is ranked 137 amongst Fortune Global 500 Companies in 2018.
 Well Poised to Leverage Strong Industry Dynamics
Low per Capita Oil Consumption Represents an
India is Among the World’s Fastest Growing Economies
Underpenetrated Opportunity…

Consumption in million barrel per day

GDP
2017 2018 2019 P 2020 P
Growth 19.96

India 7.17% 7.05% 7.26% 7.49%

12.89 12.47
China 6.76% 6.57% 6.27% 6.12%
ASEAN-5 5.36% 5.24% 5.14% 5.16% 3.89 4.52

Brazil 1.06% 1.11% 2.06% 2.53%

US EU China Japan India
Russia 1.65% 2.33% 1.62% 1.71%

Source: IMF World Economic Outlook, April 2018 (GDP at constant Prices) Source: CIA World Fact book (2015 Est, 2016 Est. & 2017 Est.).-as per website on 15 May 2019

Oil Consumption Trends Have Been Rising Marginally… …With Strong Growth in Consumption Across Key Products

MMT
FY18 – FY22 E CAGR
8.23%
206 212
195
185 6.30%
158 166

Diesel (HSD) Petrol (MS)

FY 14 FY 15 FY16 FY17 FY18 FY19(P) Note: HSD: High Speed Diesel and MS: Motor Spirit
Source: Petroleum Planning and Analysis Cell, Ministry of Petroleum and Natural Gas, Govt. of India. Source: Petroleum Planning and Analysis Cell
 IOC - The Largest Refiner in India
Strategic Presence With Access to High Demand Markets Leader in Refining Market Share(1)

Strategically 32%
27%
placed with 15%
access to high 11% 8% 6%
demand market
of North India
IOCL Reliance HPCL BPCL Nayara ONGC
Digboi
Note: Figures as of March 31, 2019. Energy
Panipat
Source: PPAC website
(1) Market share based on group Refining Capacity
Bongaigaon

Mathura

Barauni Guwahati
Refinery Throughput (MMT) Capacity Utilization* (%)

Koyali
72 104
69 100
Haldia 94
Paradip
65

FY 17 FY 18 FY 19 FY 17 FY 18 FY 19

Chennai
Energy Efficiency (MBN)
Narimanam Capacity(69.2 MMT)
Subsidiary Cos.
2015-16 2016-17 2017-18 2018-19
(11.5 MMT)

Note: Figures as of March 31, 2019

Importing Crude from Across the Globe 72.6 71.3

76.6 74.9

Changing Crude Mix for Enhanced Profitability

North
America Type of Crude Oil Used
5% Central Asia
Middle East 2%  Supply of BS VI grade fuels commenced in
65% Low NCT and 12 contiguous districts.
Africa Sulphur
South High
25%
East Asia 45%  BS VI Projects on track – Pan-India roll out by
Sulphur
4%
55% 01.Apr.2020.
FY 18-19
Total crude oil import : 69 MMT (including 8.3 MMT for CPCL) Note: All figures for the year ended March 31 of the respective years.
Figures for FYE 2019
 Championing Clean fuels

BS VI Projects
on track – Pan-
India roll out
by 1.4.2020

Preparedness
for MARPOL

2nd Generation
Ethanol Project
at Panipat

Improving
refinery
efficiency and
processes
Refinery off
gas harvesting
project for Painted Storks nesting at Mathura Refinery
hydrocarbon
production

Waste to energy plant at Varanasi

 Unparalleled Network of Cross Country Pipelines
Largest Pipeline Market Share - Downstream High Capacity Utilization
%

94 91 94
Others 69
Others Others 76 81
27% IOC IOC
IOC, 48% 41%
52% 59%
73% 119 105 106

Product Pipelines Total Pipelines FY 17 FY 18 FY 19

Crude Oil Pipelines
Crude Product
Indicate Total Capacity
Source: PPAC Website
Note: Figures as of March 31, 2019 Utilization

Pipelines Throughput Steady Revenue Stream with healthy EBITDA

In INR

6,439
MMT 6,332

6,128
5,998
86 89
83

31 35 37
5,490

51 51 51

FY 17 FY 18 FY 19 FY'15 FY'16 FY'17 FY'18 FY'19

Crude Product EBITDA

Indicate Total Throughput

All annual figures for the year ended March 31 of the respective years.
 Network Expansion

94.2 MMTPA Liquid 21.69 MMSCMD

Pipelines Capacity Gas Pipelines  840 Kms added in the Network

Pipeline Length (km)  Projects/ Replacements Completed

14,231 – Paradip-Haldia-Durgapur LPG
Pipeline
13,391 – Jaipur-Panipat Naptha Pipeline
12,848 – 42”Crude Pipeline to CPCL
– Kolkata ATF Pipeline

2016-17 2017-18 2018-19

– Panipat-Kohand LPG Pipeline
– Last section of BKPL rerouting for
Length
Capacity
Dedicated Freight Corridor
(KM)
Crude Oil Pipelines 5,301 48.60 MMTPA

 Foundation Stone laid for Kandla-

Product Pipelines 8,769 45.60 MMTPA
Gorakhpur LPG Pipeline
Gas Pipelines 161 21.69
MMSCMD

Total 14,231 --
 Marketing: Reach in Every Part of the Country

Pan India Presence with Multiple Consumer Touch Points Leader in Market Infrastructure

Others
332(1)

LPG Distributor 50%

SKO / LDO
11,964 57% 53%
Dealerships
3,889 Over 50,984
Customer
touch-points

50% 47%
Retail Outlets Bulk Consumer
43%
27,702 Pumps
6,960

Retail Outlets LPG Distributorships Aviation Fuel

Stations

Indian Oil Others

All figures for the year ended March 31, 2019

Other Key Highlights Operating Highlights (Inland / Export Mix)

Sales (MMT)

88.8 89.9
Rural Thrust and 83.5
 7,857 Kisan Sevak Kendras (KSK) 7.3 5.2
Penetration 4.8

LPG  2.5 Mn cylinders rolled out per day

81.5 84.7
78.6
Petroleum Product
 43.9% share in petroleum products
Market Share

FY 17 FY 18 FY 19
Note: (1) Others includes Aviation Fuel Stations, Terminals, Depots and LPG Bottling Plants.
Inland Export
 Ensuring Availability and inclusive growth

Domestic
Footfall of 15
Million per
day at ROs

Rural Reach
through 7857
KSKs Advanced 425 Kg
Winter 55 Kg
Kg
14.2 Kg

Refuelling - stocking -
1,750 flights forward
per day Defence
locations
LPG for All

2.5 Million
Cylinders
rolled out per
day
 Fuelling India’s Growth
Domestic POL Sales (MMT)
80.0
77.1
74.1
3.7%
11.6
10.8
10.1
4.1% LPG
10.9 11.6
10.1 Naphtha
4.5 4.8 MS
3.9
2.6 2.3 ATF
3.6
SKO
HSD
36.5 37.1 FO/LSHS
35.4
Bitumen
Lubes
Others
3.3 3.2 3.2

2016-17 2017-18 2018-19

Sale of LPG crossed 1 MMT per month for the first time in December 2018.
 Moving Beyond the Traditional Value Chain

Petrochemicals
Gas  LAB
Sourcing  PX / PTA
Marketing  Polymers, Glycols
LNG Terminals  Butadiene, SBR
CGD

Moving
Beyond the Globalization
Value Exports
E&P
Chain Consultancy
Domestic
Overseas Training
Operatorship Downstream Marketing

RE&SD
Wind, Solar
Biofuels Nuclear
Sustainability JV with NPCIL
 One of the Leading Producer of Petrochemical Products

Capacity Sales Breakup (in INR/Cr)

Project Capacity (MT)

Total: 20222 Total: 18531 Total: 21659
Guajarat LAB 120,000
1823
1730
Styrene Butadiene 1633
120 KTA
Rubber Plant
14949
14245 13681
Panipat Px / PTA 553,000

Panipat Naphtha 3324

1,460,000 2835 1835
Cracker 1412 1382 1562
FY 17 FY 18 FY 19
Polypropylene Plant
680,000
-Paradip Refinery LAB Px/PTA Polymers/MEG/DEG/TEG Others

EBITDA (in INR/Cr)

7590

6067 6105
5164

3,420

FY 15 FY 16 FY17 FY18 FY19

 Upstream Portfolio
Blocks’ Location Reserves & Production

5.00 300

Domestic 4.50
1 2 6 1 10 250
Blocks 4.00
3.50
200
3.00
4.44
2.50 150
Overseas
2 2 1 7 12 2.00
Blocks
100
1.50
2.66
1.00
50
Exploration 0.50
1.45
Discovery 0.00 0
Appraisal 2016-17 2017-18 2018-19
Under Development
2P/ 2C Reserves (MMToe)
Production
Production (MMToe)

67% Growth in Upstream Production

 Recent Acquisitions

Location Israel Location Abu Dhabi

Location Oman

Block Onshore Block 1

Block Mukhaizna Block Block 32

IOC Stake 17% IOC Stake 25% IOC Stake 50%

Status Producing Status Exploration Status Exploration

..and Umatara Cluster, Assam a domestic discovered field where IndianOil is lead
operator with 90% participating interest
 Support to Start-ups
Technology Process Re-engineering Business Process Re-engineering

Bio-formulation Enhanced Fleet Management

Electronic Leak Detection

Emissions Reduction

Enhancing RO Automation
Fuel Cell based Research

Automated TT Locking

Deriving Fuel Substitutes

Leveraging IT for Retail

Nano particles based Research Eco-Toilets

Nine patents jointly filed

 Diversified Across Geographies and Energy Sources

Geographical Diversification Diversification Across Sources

Gas
● 40 City Gas Distribution under IOCL’s
ambit (17-Standlone, 23-JVs)
IndianOil • Aviation, terminal &
Mauritius retail business ● 5 MMTPA LNG import, storage and
Ltd. (IOML) • 27,335 MT Storage re-gassification terminal
(100% Stake) commissioned at Ennore (Near
Terminal
Chennai)

● Ennore-Bengaluru-Puducherry-
Madurai-Tuticorin LNG PL
Wind
Power
Lanka IOC
• Auto fuel, Bunkering,
● Wind – 167.60 installed capacity
Plc.
Lubricants and • 47 MW plant at Gujarat;
(75.12%
Stake) Bitumen business • 48.3 MW plant at AP
• 208 retail outlets • 72.3 MW plant at Rajasthan

Solar

IOC Middle ● 14100+ Retail Outlets Solarised.

East FZE • Marketing of Lubes Installed capacity 71 MW (Mar’19).
(100% Stake)

● Other Solar capacity is 45 MW

Figures for the year ended March 31,2019

 R&D Prowess
• Technology Commercialisation

35 TMTPA INDAdeptG Plant Indigenous In-Line Pipeline Indigenously Developed

at Guwahati Refinery Inspection Tool Delayed Coker at Barauni

• 2nd R&D Campus – Upscaling Thrust Areas

CO2
Refining
Research
Technology
Pipeline Catalysts IndianOil R&D
Research
of Tomorrow

Alternate Energy
Lubes Research
Technology Nanotech
 Focus on R&D
Developing / Commercialising Indigenous Innovative Technologies

1000 effective
World’s 1st CO2 to
patents as of
Lipid pilot plant
30.04.2019

IndeDiesel at Nano-additized
Gujarat Refinery batteries New Campus in
for BS VI Nano-additized Offing
compliance LPG
Indane Nanocut
Sale : 1247 MT
(18-19) 5 TPD Bio-
methanation Plant
35% increase over
last FY IndianOil
Innovative 3G Ethanol from
Leveraging Start- Additive (INNOVA)
ups Refinery Off Gas
for OEM approvals
for lubes

FIPI innovation / CHT Award for Octamax

 Major Projects Completed (18-19)

Distillates Yield
Polypropylene Plant at
Improvement Project
Paradip Refinery
(COKER) at Haldia Refinery
Rs 3,150 Cr
Rs 4,190 Cr
#Feb 2019
# Jun’18

Paradip-Haldia-Durgapur Jaipur- Panipat- Naptha

LPG Pipeline Pipeline
Rs 1,330 Cr Rs 611 Cr
#Dec’18 #Jan 2019

Grass Root POL ToP at Una, Ennore LNG Import Terminal

HP
Rs 5,150 Cr
Rs 356 Cr
#Mar’19
#Mar’19
 Investing In Future Growth

Major Ongoing Projects Planned Capital Expenditure Outlay (1) (2019-20)

Estimated Cost
Project (Rs Crore)
(INR/Cr.)
Ethylene Glycol Project (MEG) - Paradip Others, 6%
5,654
Petchem, 7%

BS-VI Projects 16,338 Refining, 33%

INDMAX unit at Bongaigaon 2,582

Paradip-Hyderabad Pipeline 3,338

Ennore-Bengaluru-Puducherry-Madurai-
6,025
Tuticorin R-LNG Pipeline

Koyali – Ahmednagar – Solapur Pipeline 1,945

Marketing, 29%

Augmentation of Paradip-Haldia-
Durgapur LPG Pipeline and its extension 3,042
Pipelines, 26%
up to Patna and Muzaffarpur
30” Crude Oil Pipeline in H-B section of Capex planned for Major Projects 2019-20, approx INR 22,100 Cr
PHBPL & Conversion of 18" twin
3,696 (1) Additional Rs. 3000 Cr planned for small projects.
Pipelines in H-B section from Crude to
Product and Gas service
 Moving Forward ….

60 MMTPA West coast Building Natural gas

refinery import and
transportation capacity

Brownfield
Commercialization of
expansions - 28
R&D
MMTPA plus by 2030 Expanding footprints
Accelerating Raising Upstream
in attractive
Consolidating Core Extended Integration Ratio
overseas
Business Business from (5.4% - 12% + by
geographies
29-30)
Increasing pipeline and Enhanced customer
import capacity; connect thru digital
widening product mix initiatives Petrochemical Capacity
addition with
Cost leadership thru expanding product
business process portfolio
transformation

Getting Future
Ready

Bio-Fuel forays Alternative Energy

Waste-to-Energy Scaling up Renewable Digital Transformation Research, Hydrogen, Fuel
2G/3G Ethanol Energy Projects Initiatives Cells and 3rd Generation
Bio CNG Biofuels

… to continue to be India’s flagship company

 Our Differentiators: Strong Financials
Turnover (in INR/Cr) EBITDA (%)

Others
6,05,924 6% Refining
5,06,428 22%
4,50,756 Petchem
4,06,828 4,45,373
14%

Pipelines
17%

Marketing
FY 15 FY 16 FY 17 FY 18 FY 19 41%

Contribution to FY19 EBITDA

Net Profit (in INR/Cr) and Dividends (%) EBITDA (in INR/Cr)

30% 33% 48% 52% 53%

43,114
21,346 36,952
35,990
19,106
16,894
23,371
11,242
14,291
5,273

FY 15 FY 16 FY17 FY18 FY19 FY 15 FY 16 FY 17 FY 18 FY 19

Dividend Payout Ratio (% of PAT)

 Our Differentiators: Strong Financials

Net Worth (in INR/Cr) Cash breakdown & Debt (in INR/Trillion)

1,10,171 1,08,658
99,729
87,430

67,970 0.00
0.00 0.00
0.10 0.00 0.09 0.86 0.19
0.1 0.08
0.10
0.55
0.12
0.55
0.09 0.58 0.11 0.11
0.53
0.12

0.25 0.25 0.25 0.23

0.18

FY 15 FY 16 FY 17 FY 18 FY 19
FY 15 FY 16 FY17 FY18 FY19
Market Value of Investments Special Oil Bonds
Amount Recoverable from Govt. Cash Equivalents
Total Debt

Debt / Equity Debt Level (INR/Cr)

0.8x 0.8x 86,359

0.6x
0.6x 0.5x 58,030
55,248 52,880 54,820

FY 15 FY 16 FY17 FY18 FY19 FY 15 FY 16 FY17 FY18 FY19

 Conclusion

India’s Largest Oil Company …Focused on Creating Shareholder Value

1  Largest Refiner in the Country

2  Pan-India Pipeline Infrastructure

3  Leading Market Share Across the Portfolio

4  Integrated Operations Across the entire Energy Value Chain

5  Strong Focus on Innovation Through R&D and Alternate Energy Sources

6  Driven by a Management Team That has Delivered Results

7  With Strong Support from the Government of India