Indian Oil refineries achieve international risk rating upgrade to ‘Above Average'

New Delhi: Indian Oil Corporation Limited’s (IOCL) refinery network has secured a major international risk rating upgrade, moving from “Average” to “Above Average,” placing it in the second-highest global risk category for industrial safety, reliability and asset integrity.

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The upgrade follows a comprehensive annual risk inspection conducted by a team of global risk engineers led by international expert Wim Matthys. The inspection covered Indian Oil’s major refining assets at Gujarat, Haldia and Paradip, focusing on operational resilience, safety systems and risk management practices.

According to the company, the upgraded rating is significant for the placement of Indian Oil’s mega insurance policy, considered among the largest corporate insurance placements in the country.

The international inspection team commended IndianOil Refineries for strengthening its safety culture through the implementation of Process Safety Management (PSM) frameworks and advanced digital dashboards for real-time monitoring of safety indicators. The auditors also issued zero new corporate recommendations during the inspection cycle, reflecting the maturity of the company’s risk management systems.

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The development was finalised during a Risk Inspection Close-out Meeting held at the Refineries Headquarters in New Delhi, attended by senior officials from Health, Safety & Environment (HSE), Finance, Technical Services, and Maintenance & Inspection divisions.

Indian Oil said the insights shared by the global risk engineers would further support the company in enhancing operational reliability, strengthening industrial systems and improving process safety across its refining operations.

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