PDO Celebrates $2.5 Billion Investment in In-Country Value
Petroleum Development Oman (PDO) marked a milestone on its biannual In-Country Value (ICV) Day, showcasing its commitment to supporting local industries. With a total of $2.5 billion in retained value in 2023, PDO’s efforts have contributed significantly to Oman’s economic growth.
During the event, $900 million was allocated to small and medium-sized enterprises (SMEs), while national industries received $422 million, benefiting 30 manufacturers in Oman. PDO’s focus on manufacturing, construction, and renewable energy has resulted in 11 successful opportunities, boosting the local economy.
Under the leadership of H E Eng Salim Nasser al Aufi, Minister of Energy and Minerals, the event highlighted PDO’s pivotal role in supporting Oman Vision 2040. Emphasizing sustainability, PDO’s ICV Day was the first to incorporate eco-friendly practices, aligning with its goal of achieving net zero emissions by 2050.
By promoting local expenditures, supporting SMEs, and empowering entrepreneurs, PDO aims to strengthen its partnerships with local communities and enhance the energy sector’s contribution to GDP. The company also signed a Memorandum of Collaboration to develop an ICV enabling ecosystem, addressing key challenges faced by local companies interested in investing in ICV.