Cheap oil propels RIL to 8th top global oil company

Powered by low oil prices and rising refining margins, India's Reliance Industries has leapfrogged to rank 8th among 250 global energy companies in the latest survey released by Platts.

In the same list state-owned Indian Oil Corporation ranked 14th.

Reliance Industries has been ranked 8th among top 10 global oil companies in 'Platts Top 250 Global Energy Company Rankings 2016', up from 14th last year, while state-owned Indian Oil Corporation jumped to 14th from 66th last year and Hindustan Petroleum Corporation bettered its ranking to 48th from 133rd last year.

Oil & Natural Gas Corp Ltd, the country's top oil explorer, however, slipped to 20th position this year from 17th a year ago, on the back of low oil prices.

"The ranking reflected the oil market's biggest price collapse in nearly three decades, a resulting re-drawing of the lines in the fuels mix and the successes of energy players less exposed to the price rout triggered by OPEC's defence of its global oil market prominence," it said.

The Platts Top 250 Global Energy Companies 2016 ranks publicly traded energy companies with assets above $5 billion based on a combination of asset value, revenue, profit and return on invested capital (ROIC) for 2015 (January-December) fiscal year.

"India was also the only prominent country for coal demand, boosting Coal India's standing in the world energy companies," it added. "Strong performance of the coal industry enabled the largest pure coal mining company in the world, Coal India, to hold its place at 38th in the top 250 ranks. Consumption rose nearly 5 per cent, regaining its share as the dominant fuel in the energy mix at 56 per cent, Platts said.

Adani Power Ltd, an independent power producer was ranked 250th. With a 3-year compound growth rate of 54.9 per cent the company is the fastest growing energy company in Asia-Pacific and the second fastest in the world.