PDO boosts In-Country Value with $2.5bn investment
MUSCAT – Petroleum Development Oman (PDO), the sultanate’s leading energy company, celebrated a significant milestone in its commitment to In-Country Value (ICV) during its biannual ICV Day on Wednesday.
The event marked the 12th anniversary of the ICV programme and highlighted PDO’s impressive achievement of $2.5bn of retained value in 2023, which is equivalent to 40% of its total supply chain spend, according to an Oman News Agency report.
Notably, $900mn was allocated for small and medium-sized enterprises (SMEs), while national industries received $422mn, benefiting 30 manufacturers in Oman. PDO realised 11 opportunities in manufacturing, construction, and renewable energy.
The event, organised under the auspices of H E Eng Salim Nasser al Aufi, Minister of Energy and Minerals, took place at the JW Marriott Hotel, with several officials from both the public and private sectors in attendance.
Praising PDO’s efforts to enhance ICV, H E Aufi said, “I commend the diligent work undertaken by PDO across its business to elevate ICV.
The achievements made in 2023 exemplify its pivotal national role in supporting the objectives of Oman Vision 2040, which aims to foster economic diversification, encourage entrepreneurship, and bolster Omani industries within the sultanate.” He added, “PDO possesses pioneering expertise in the realm of ICV, encompassing legislative, regulatory, and executive dimensions that have evolved over the years.” The ICV Day marked PDO’s inaugural low-carbon event, embodying a practical application of environmentally sustainable practices. The event incorporated eco-friendly materials throughout, from venue selection to energy-efficient lighting and equipment to responsible waste management. This initiative aims to raise societal awareness and provide practical models for everyday sustainability practices, aligning with PDO’s 2050 net zero emissions goal.
Dr Aflah Said al Hadhrami, PDO’s Managing Director, said, “The celebration of ICV Day serves as a moment to reflect on past achievements and heralds a new chapter aimed at enhancing ICV. This initiative aligns with Oman Vision 2040 objectives to enhance the energy sector’s contribution to GDP, meet local energy demands, and promote sustainability in all its facets. “The focus on ICV not only echoes the company’s strategy and its national and social responsibilities but also fortifies its partnerships with local communities.
Efforts to boost ICV include increasing local expenditures, supporting SMEs, empowering entrepreneurs, and encouraging the procurement of local goods and services,” he said.
As the main theme of ICV Day, PDO announced the five recipients of its ICV Awards, honoring exceptional performance among PDO’s contractors and subcontractors across five award categories: Best Local Manufacturing Facility, Best National Objectives Employer, Best Contractor in ICV Delivery, Best Performing Local Community Contractor, and Best Performing SME.
During ICV Day, PDO signed a Memorandum of Collaboration (MoC) with several government and private entities to develop and implement the ICV enabling ecosystem initiative. The initiative aims to address the key challenges faced by local companies interested in investing in ICV, such as access to demand, infrastructure, finance, technology, and an enabling legislative framework. The system is designed to strengthen relationships aligned with public interest principles and foster collaboration between the public and private sectors.
Source: Oman News Agency
Date: 15 May 2024
MUSCAT – Petroleum Development Oman (PDO), the sultanate’s leading energy company, celebrated a significant milestone in its commitment to In-Country Value (ICV) during its biannual ICV Day on Wednesday.
The event marked the 12th anniversary of the ICV programme and highlighted PDO’s impressive achievement of $2.5bn of retained value in 2023, which is equivalent to 40% of its total supply chain spend, according to an Oman News Agency report.
Notably, $900mn was allocated for small and medium-sized enterprises (SMEs), while national industries received $422mn, benefiting 30 manufacturers in Oman. PDO realised 11 opportunities in manufacturing, construction, and renewable energy.
The event, organised under the auspices of H E Eng Salim Nasser al Aufi, Minister of Energy and Minerals, took place at the JW Marriott Hotel, with several officials from both the public and private sectors in attendance.
Praising PDO’s efforts to enhance ICV, H E Aufi said, “I commend the diligent work undertaken by PDO across its business to elevate ICV.
The achievements made in 2023 exemplify its pivotal national role in supporting the objectives of Oman Vision 2040, which aims to foster economic diversification, encourage entrepreneurship, and bolster Omani industries within the sultanate.” He added, “PDO possesses pioneering expertise in the realm of ICV, encompassing legislative, regulatory, and executive dimensions that have evolved over the years.” The ICV Day marked PDO’s inaugural low-carbon event, embodying a practical application of environmentally sustainable practices. The event incorporated eco-friendly materials throughout, from venue selection to energy-efficient lighting and equipment to responsible waste management. This initiative aims to raise societal awareness and provide practical models for everyday sustainability practices, aligning with PDO’s 2050 net zero emissions goal.
Dr Aflah Said al Hadhrami, PDO’s Managing Director, said, “The celebration of ICV Day serves as a moment to reflect on past achievements and heralds a new chapter aimed at enhancing ICV. This initiative aligns with Oman Vision 2040 objectives to enhance the energy sector’s contribution to GDP, meet local energy demands, and promote sustainability in all its facets. “The focus on ICV not only echoes the company’s strategy and its national and social responsibilities but also fortifies its partnerships with local communities.
Efforts to boost ICV include increasing local expenditures, supporting SMEs, empowering entrepreneurs, and encouraging the procurement of local goods and services,” he said.
As the main theme of ICV Day, PDO announced the five recipients of its ICV Awards, honoring exceptional performance among PDO’s contractors and subcontractors across five award categories: Best Local Manufacturing Facility, Best National Objectives Employer, Best Contractor in ICV Delivery, Best Performing Local Community Contractor, and Best Performing SME.
During ICV Day, PDO signed a Memorandum of Collaboration (MoC) with several government and private entities to develop and implement the ICV enabling ecosystem initiative. The initiative aims to address the key challenges faced by local companies interested in investing in ICV, such as access to demand, infrastructure, finance, technology, and an enabling legislative framework. The system is designed to strengthen relationships aligned with public interest principles and foster collaboration between the public and private sectors.
Source: Oman News Agency
Date: 15 May 2024
