Mukesh Ambani’s Reliance Industries Limited becomes third largest energy firm in world
Mumbai/Maharashtra, September 25: The Reliance Industries is ranked as the world’s third-biggest energy company behind Russian gas firm Gazrpom and German utility E.ON. According to reliable sources, the state-owned Indian Oil Corp (IOC) broke into the top 10 club, climbing to 7th position in the 2017 ranking, up from 14th rank in 2016. Previously, the Indian Oil Corporation was ranked at No. 66 in 2015. The Oil and Natural Gas Corp (ONGC) was placed at 11th position in 2017 and was at 20th position in 2016.
According to official sources, Reliance Industries that is the owner of world’s biggest refinery complex, was ranked at 7th position in 2016. Coal India Ltd, the world’s largest coal producer was the only Indian firm ranked 45 in 2017 and was at 38th rank in 2016. The other Indian firms included Bharat Petroleum Corp Ltd (39), Hindustan Petroleum Corp Ltd (48), Power Grid Corp (81) and GAIL India Ltd (106).
The Russian gas firm Gazrpom bagged the number one spot. Among this year’s biggest movers is E.ON, which climbed 112 places to 2nd place from 114th.South Korea’s Korea Electric Power is ranked 4th, followed by China Petroleum & Chemical and Russia’s PJSC Lukoil. According to media sources, in the annual Top 250, the ranks of the companies are based on financial performance using four key metrics asset worth, revenues, profits, and return on invested capital.
All the companies that were present on the list have assets greater than USD 5.5 billion. The revenues of the Top 10 global energy companies surged more than 30 per cent to USD 1.1 trillion from USD 830.2 billion in the 2016 rankings.