Comleting projects faster than the normal duraction is always a challenge to the management of any project, at it often demands many paradigm shifts. Opportunitis of globalization, competition from private sectors an multinationals force the management of public sector organizations in the Indian petroleum sector to take various aggressive strategies to maintain their profitability. Constructing infrastructure for handling petroleum products in one of them. Moverover, these projects are required to be completed n faster duractin compared to normal scheduls to remain competitive, to get faster return on investment, and to give longer project life. However, using conventional tools and techniques of project management, it is impossible to handle the problem of reducing the project duration from a normal period. This stuy proposes the use of concurrent engineering in managing projects for radically reducing project duration. The phases of the project are accomphished concurrently / simultaneously instead of in a series. The complexities that arise in managing projects are tackled through restucturing project organization, improving management ocmmitment, strengthening projct-planning activities through management informatin systems. These would not only ensre completion of projects in fast track, but also improve project effectiveness in terms of quality, cost effectiveness, team building, etc. and in turn overall productivity of the project organization would improve