Petroleum Development Oman (PDO) recently celebrated a major milestone in its commitment to In-Country Value (ICV) during its ICV Day event. The company announced an impressive achievement of $2.5 billion in retained value in 2023, equivalent to 40% of its total supply chain spend. Notably, $900 million was allocated for Small and Medium-sized Enterprises (SMEs), while national industries received $422 million, benefiting 30 manufacturers in Oman. PDO also realized 11 opportunities in manufacturing, construction, and renewable energy.
The event, which took place under the patronage of Eng. Salim Nasser Al Aufi, Minister of Energy and Minerals, highlighted PDO’s contributions to Oman’s economic development. Eng. Salim Nasser Al Aufi commended PDO’s efforts to enhance ICV, stating that the achievements made in 2023 exemplify its vital role in supporting the objectives of Oman Vision 2040. He praised PDO’s expertise in legislative, regulatory, and executive dimensions related to ICV, which have evolved over the years.
ICV Day marked PDO’s inaugural low-carbon event, showcasing the company’s commitment to environmentally sustainable practices. The event incorporated eco-friendly materials throughout, from venue selection to energy-efficient lighting and equipment, and responsible waste management. This initiative aims to raise societal awareness and provide practical models for everyday sustainability practices, aligning with PDO’s goal of achieving net zero emissions by 2050.
In his remarks, Dr Aflah Said Al Hadhrami, PDO’s Managing Director, emphasized the importance of ICV in aligning with Oman Vision 2040 objectives. He highlighted the company’s efforts to increase local expenditures, support SMEs, empower entrepreneurs, and procure local goods and services. By focusing on ICV, PDO not only strengthens its partnerships with local communities but also fulfills its national and social responsibilities.
As part of ICV Day, PDO announced the recipients of its ICV Awards, recognizing outstanding performance among its contractors and subcontractors. The company also signed a Memorandum of Collaboration with government and private entities to develop and implement the ICV enabling ecosystem initiative. This initiative aims to address key challenges faced by local companies interested in investing in ICV, such as access to demand, infrastructure, finance, technology, and a supportive legislative framework.
Overall, PDO’s commitment to ICV represents a significant contribution to Oman’s economic development and sustainability goals. Through its efforts to enhance local value retention, support SMEs, and promote environmentally sustainable practices, PDO is playing a crucial role in driving economic diversification, entrepreneurship, and industry development in the Sultanate. With its expertise in ICV and ongoing partnerships with various stakeholders, PDO is well-positioned to continue making a positive impact on Oman’s economy and society.
