Small and Medium Enterprises in Oman could benefit from more than $1bn potential projects in the oil and gas sector, an official said on Tuesday at a downstream industry event in Muscat.
Speaking at the Oman Refining and Petrochemical Exhibition and Conference (ORPEC), Khalifa Al Abri, acting chief executive officer of the Public Authority for SMEs Development (Riyada), said the estimate was for the period between 2013 and 2021.
Al Abri also said that Riyada’s main objectives are to provide training and technical and financial support for SMEs, and develop polices and a database of their success record.Â
Speaking at the same event, Musallam Al Mandhari, advisor to the board and interim chief executive officer of the Oman Society for Petroleum Services (OPAL), said that over the past years, oil and gas companies have significantly increased their In-Country Calue (ICV) contribution to the Sultanate.
Overall, the average Omanisation level in 2014 within the oil and gas companies was 64% with more than 80% of the oil and gas companies’ direct sourcing done through local contractors, agents and suppliers.
Until 2020, $64bn in financing have been made available to companies in Oman over the period to increase ICV down the value chain, said AL Mandhari.
Out of this amount, $51.5bn could be addressed through local sourcing and $12.5bn could be addressed through employing Omani nationals, he added.
