A seminar on “Innovative ways in Project execution- IOCL” was organized by the IME department. The speaker was Mr. Vineet Singhal, who is the Chief Project Manager at IOCL. Mr. Singhal has worked in diverse roles in the industry ranging from handling of EPCM consultants,plant maintenance management to estate management. The talk kicked off with an overview of the company i.e. how IOCL came into existence, location of its various refineries and its Supply Chain Management process. Then Mr. Singhal mentioned the various drivers for diversification into Petrochemicals ranging from renewable energy to Nuclear Power.
The discussion highlighted the project attributes, constraints and project management framework in general and its implementation in various projects of IOCL in particular. Mr. Singhal gave an insight of the project management system in refineries division. He mentioned that fixed price contracts transfer the risk to the seller. The students were enlightened about an extensively used project management practice called Front end loading, which is robust planning and design early in a project's lifecycle time when the ability to influence changes is relatively high and the cost to make those changes is relatively low. The focus of the talk later shifted to Project Management systems in Indian Oil for mega Projects in context to recently completed Panipat Naphtha Cracker Project with outlay of nearly Rupees 14000 crores and the ongoing Paradip Refinery project with outlay of nearly Rs. 27000 crores. The speaker shed some light on the innovations done at Indian Oil in project implementation strategies and management of risks, concerns and challenges faced during theserecent implementations.
The talk was wrapped up by interesting questions and free-wheeling discussion between the audience and the speaker.
Report prepared by:
MBA Batch of 2013
PR & Media Cell