ICV initiatives to receive a major push by PDO

MUSCAT, AUG 5 - A number of ICV (In-Country Value) initiatives in the country, both ideas and organisations, that have gone the extra mile to support the Omani economic development, will be honoured at a special ceremony organised by the PDO on Tuesday at the PDO main building in Mina al Fahal, BMF. The ceremony titled ‘In-Country Value Recognition Awards’ will honour businesses and organisations which have gone the extra mile to deliver ICV and support Omani economic development. It will be held under the auspices of Salim bin Nasser al Aufi, Under-Secretary of the Ministry of Oil and Gas.

Names of the winners of the six award categories which cover a range of ICV areas will be announced at the event. The six categories in which ICV initiatives will be evaluated and honoured are the best Small and Medium Enterprises (SMEs), high-performing Local Community Contractors (LCCs) in Social Investment Projects, Best Contractor/Vendor in ICV Delivery (Against Their ICV Plan), Training Institutes, and National Objectives focused on the creation of employment opportunities as well as training and redeployment opportunities for Omani job-seekers and the organisation with the best ICV initiative.

In-Country Value, the total spend retained in the country that benefits business development, contributes to human capacity development and stimulates productivity in Oman’s economy, has been receiving a major boost in the past years after the Ministry of Oil and Gas formed the In-Country Value (ICV) committee marking the beginning of the journey of ICV in an effort to maximise the industry’s contribution to social and economic development.

“PDO has championed ICV as a means of retaining more of the wealth of the oil and gas industry for many years in Oman by establishing strong local supply chains, developing Omani skills, generating meaningful employment and supporting the communities in which we operate”, Raoul Restucci, PDO Managing Director, said

The objectives behind setting up the committee were to group government representatives and executives from the oil and gas sector, with a key role in providing guidance and governance to ICV development in the Sultanate and raise opportunities while coordinating the efforts of the industry. Through its In-Country Value (ICV) strategy, the PDO has been sharing the benefits of the oil and gas industry across Oman and various stakeholders have been a part of the long journey which has yielded substantial results to the country in the years that followed.

KABEER YOUSUF