The principle of In-Country Value (ICV) is all about local delivery for Oman. It means retaining spend within the sultanate, through the employment and training of local people, the use of local suppliers and the procurement of local goods.
The Omani government actively advocates the concept of ICV, which is also part of a wider Omanisation agenda. The agenda seeks to:
With deep roots in Oman and a rapidly growing local presence, Petrofac is well equipped to live up to this ICV vision.
The idea behind ICV is to measure the precise contribution we make to the Omani economy, in terms of the total spend that remains right here in the country. If we can measure it, we can manage it, which means we can set targets and aim for continual improvements.
Faisal Al-Gheilani, ICV Manager, Yibal Khuff project
By the start of 2017, some 1,000 people were directly employed by Petrofac, more than 35% of whom were Omani nationals. Up to 15,000 people are also employed through our subcontractors, many of whom are Omani nationals.
Through our major projects in the country, to date we have invested over US$1.3 billion in ICV, of which 85% has been spent through local goods and service providers, as well as supplier development and training support initiatives.
We have a strong commitment to Oman and are developing our Muscat office’s In-Country engineering capabilities to ensure we are part of the fabric of Oman for many more years to come.
A few years ago the contracting community had little choice but to look outside of Oman for goods, services and skills. That is changing quickly. There is now a much wider variety and availability of local services and, for our part, we have actively worked with several key suppliers to help them improve and scale up their local operations. With greater capacity, capability and competition available right here in Oman, everyone benefits.
Ray Richardson, Oman Country Manager