IOC Unveils Project SPRINT for Future-Ready Energy

New Delhi, Apr 3 (PTI) Indian Oil Corporation, the nation's largest oil firm, has unveiled Project SPRINT that looks to make the firm future-ready by fashioning businesses to meet changing global energy landscape and stay relevant and profitable.

SPRINT stands for strengthening core businesses of oil refining, petrochemicals and fuel marketing, propel cost optimization to increase profitability, reinforce customer centricity, integrate technology and innovation, nurture leadership and talent, and be transition ready.

IOC called SPRINT a transformation project that will keep the firm rooted in its core strengths, while at the same time preparing for an eventual transition away from fossil fuels.

"IndianOil unveils Project SPRINT, a transformational leap forward, rooted in our legacy of Trust and guided by the spirit of NationFirst. This marks a dynamic start to the new fiscal year, setting the tone for accelerated growth and purposeful change," the firm said in a post on X.

Project SPRINT is the brainchild of the firm's new chairman Arvindar Singh Sahney who wants to make the firm future-ready.

"SPRINT reflects a decisive shift to renew strategies across our business verticals to build a smarter, modern, and more agile IndianOil that is ready to lead the future," the firm said. "It's time to change, adapt, and SPRINT toward a stronger tomorrow!"

The world is looking to move away from polluting fossil fuels and unless companies like IOC, whose mainstay business is refining crude oil pumped out of ground or from below seabed into fuels like petrol and diesel as well as petrochemicals, reinvent they would be out of business.

IOC does not want to become another BSNL and so the Project SPRINT.

Oil Minister Hardeep Singh Puri sharing the IOC post, said "India's energy sector Maharatna companies step up on the accelerator to provide momentum to our journey towards energy security."

"Project SPRINT of @IndianOilcl reflects a decisive shift to renew strategies across our business verticals to build a smarter, modern, and more agile IndianOil that is ready to lead the future," he said. "Indeed it is time to change, adapt, and SPRINT toward a stronger tomorrow!"

Project SPRINT represents a bold and ambitious transformation agenda, firmly aligned with IOC's aspiration to not only sustain but also accelerate IndianOil's leadership in the energy sector.

The project is anchored around six strategic pillars - S which stands for strengthening core businesses, P for propelling cost optimization, R for reinforcing customer centricity, I for integrating technology and innovation, N for nurturing talent and leadership, and T for being transition ready.

Through Project SPRINT, IOC aims to unlock accelerated growth, timely execution, and a future-ready mindset across all levels of the organization.

From scaling its capacities across core businesses to expanding into clean energy and emerging business sectors, each business vertical will have clearly defined goals. Every employee -- across core businesses and enabling functions -- will play a vital role in this transformation.

Sahney spelt out goals under the project in his April 1 message to the company.

"With Project SPRINT, we are committed to transforming IndianOil into a future-ready energy leader - rooted in a legacy of trust and guided by the spirit of 'Nation First," the firm said adding SPRINT is more than a transformation program - it is a collective journey to co-create success.

Besides being the backbone of Indian fuel supplies, IOC is pivoting India's energy transition -- the shift from fossil-based systems of energy production and consumption -- including oil, natural gas, and coal, to renewable energy sources like wind and solar, as well as lithium-ion batteries.

IOC owns and operates 10 oil refineries with a combined capacity of 80.8 million tonnes, making up for almost a third of India's 256.8 million tonnes of refining capacity.

It also owns 39,651 petrol pumps out of 95,393 pumps in the country. Besides, it owns close to half of the nation's 27,378 LPG distributors. It runs 129 out of 301 aviation fuel stations in the country.