Report: OMIFCO underutilised CSR budget

MUSCAT, OCT 22

Oman’s State Financial and Administrative Audit Authority reported that Oman India Fertiliser Company (OMIFCO) did not utilise all funds allocated to its Corporate Social Responsibility (CSR) programme during 2019–2022. Projects approved totalled RO 11.5 million, about 55% of the CSR allocation for the period, indicating unspent amounts. The brief lists a CSR allocation figure of RO 20.9 million alongside this section.

OMIFCO is a joint venture between the governments of Oman and India that produces and exports ammonia and urea fertilisers from its plant in Sur.

According to the Authority’s recently published Community Brief 2024, the company had approved additional projects of roughly RO 5 million but says it is working to utilise the remaining allocations and implement agreed projects on an approved timeline.

Auditors also noted projects executed outside the CSR policy’s scope during 2019–2022, valued at RO 537,000. OMIFCO said it would align with the Authority’s recommendations, limiting support to projects that fit its CSR policy and coordinating with relevant government entities.

For 2022, the Authority said CSR funds were not transferred to the Oman Charitable Organisation (OCO) in line with a Ministry of Commerce, Industry and Investment Promotion decision requiring at least 20% of CSR budgets to go to OCO; RO 1.2 million (11%) was transferred instead. The brief records that the due amounts were subsequently transferred to OCO.