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PDO Awards $350m Projects to Local Groups

Source: Times of Oman 9/9/2012, Location: Middle East

Petroleum Development Oman (PDO) has awarded a series of significant contracts to Omani businesses as part of its drive to create and secure employment by increased procurement of local goods and services. The In-Country Value (ICV) investment programme has seen the company sign seven major deals worth more than $350 million with domestic contractors across the Sultanate in the past three months alone.

The recent agreements include a Central and North Oman pipeline maintenance contract to Al Shawamikh Oil Services, one of PDO's four Super Local Community Contractors (SLCCs), and Al Ghalbi International Engineering and Contracting, one of PDO's Local Community Contractors. A South Oman pipeline maintenance contract to SLCC Al Baraka Oilfield Services supported by Amal Petroleum Services as sub-contractor.

Major deal
A substantial deal, initially for five years, with Shaleem Petroleum Company to cover hoist service provision in PDO's southern operations.

Two hoist contracts with new local companies CPDS and BOOFs who will operate three hoists executing well access and repair operations in North and South Oman. Contractor ABB Muscat has also been awarded a $100 million contract for the engineering, procurement and construction of a new condensate processing plant at Saih Nihayda with fabrication of process vessels, such as pressure vessels, to be carried out in Oman.

PDO has received approval to award a 10-year contract for the provision of fishing and milling services to Fishing Remedial Experts Enterprise, a key element of which is that fishing and milling tools will be manufactured in Oman within 24 months of the contract award date. PDO Managing Director Raoul Restucci said, "ICV has been part and parcel of our operations for several decades but we have stepped up our efforts pervasively across the company since 2011 in support of His Majesty's National Objectives Programme.

"These substantial contracts and ongoing contract evaluations will help to guarantee and create thousands of Omani jobs in the Oil and Gas and ancillary industries and reaffirm our faith, support and commitment to local contractors to execute the work required safely and to an excellent technical standard, he added. "ICV is a core value in PDO and is firmly embedded in our business model, providing Omanis with sustainable job opportunities and vocational training in key skills to help underpin the economic future of Oman, he said.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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