Indian Oil Corporation (IOC), India’s largest oil refiner, has launched an investigation into claims that a US-based specialty chemicals company bribed its officials to win lucrative contracts over a decade ago.

The US company in question, Albemarle Corporation, is a global leader in selling catalysts—chemical agents crucial for oil refinery operations. According to a report by India’s Press Trust of India (PTI), Albemarle allegedly paid bribes to secure contracts with IOC between 2009 a...