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Indian Oil Corporation (IOC)





Date: 2002 - Ongoing

Deal: In 2002, Iran awarded development rights for the Farsi offshore block to a consortium of Indian oil companies, including the Indian Oil Corporation (IOC), ONGC and Oil India, according to industry news sources (Rigzone, June 25, 2009). The U.S. Government Accountability Office reported that the IOC holds a 40 percent stake in the project (GAO Report, March 23, 2010).

The Tehran Times reported that in July 2009, the consortium had agreed to invest in developing the Farzad B gas field located in the Farsi block of the Persian Gulf (Tehran Times, July 26, 2009). According to The Economic Times, in September 2009, the consortium announced that it was dropping its plans to extract crude oil due to the high sulfur content it had discovered, opting instead to produce gas from the field (The Economic Times, September 16, 2009). However, according to an Indian news service, in 2009 the consortium submitted a master development plan for the gas field, which provided for an investment of $5 billion over a period of 7-8 years (PTI, September 15, 2009).

Regarding U.S. sanctions, a senior official from the consortium stated that "our investment in Iran has not even violated the U.S. law as OVL-IOC-OIL have not invested more than $20 million in any one year in exploring for oil and gas in Farsi block," according to an Indian news service (PTI, May 14, 2010).

In March 2013, The Wall Street Journal reported that Iran replaced IOL and its partners with the Iranian Offshore Oil Company (IOOC) (The Wall Street Journal, March 26, 2013).

Date: November 2004 - Unclear

Deal: BBC News reported that IOC had signed a Memorandum of Understanding with the National Iranian Oil Company (NIOC) subsidiary, Petropars Ltd. "to put forward a $3bn (£1.63bn) joint project to develop a gas field in Iran. The proposal from India's biggest refiner would also see it set up a liquefaction plant in Iran" (BBC News, November 3, 2004).

Date: Ongoing

Deal: In addition to upstream activities, IOC has purchased Iranian crude oil. Reuters reported that the Indian Oil Corporation planned to lift 30,000 barrels per day (bpd) from Iran in 2012. This would be a decrease from the 42,000 bpd the company lifted during the previous year (Reuters, August 21, 2012).

In May 2013, Indian Oil Corporation bought “two very large crude carriers of Iranian oil in May,” according to Reuters. However, sources reported that the Indian Oil Corporation did not have plans to lift any more Iranian crude until the fourth quarter of 2013 (Reuters, June 17, 2013).

According to Reuters in August 2013, Indian Oil Corp was looking to reduce Iranian oil imports by 23.4% over the next fiscal year to meet international restrictions (Reuters, August 6, 2013).

According to Bloomberg, IOC decided to “defer resuming purchases of Iranian crude by at least three months” in January 2014 due to continued issues with obtaining shipment reinsurance. Purchases will be delayed until it is able to obtain insurance (Bloomberg, January 7, 2014).

After a three month break from purchasing Iranian crude, IOC resumed Iranian crude purchases after sanctions on Iran were relaxed in February 2014, reported Reuters (Reuters, February 21, 2014).

U.S. Business Ties: According to, the Indian Oil Corporation has not received any U.S. government contracts in the last ten years (, accessed July 9, 2014).

Last Updated: July 9, 2014