What is In-Country Value?
ICV is the total spend retained in-country that can benefit business development, contribute to human capability and stimulate productivity in the Omani economy. In short, products made and services provided by skilled Omanis.
Orpic fully supports the national ICV programme and the Ministry of Oil and Gas` (MOG) formation of an ICV Committee. The company has embedded ICV into its own business planning model, with particular reference to its major projects over the next four years.
Through this it aims to espouse the ICV Committee`s specific initiatives that cover the development of a local workforce, the increase in local sourcing of goods and services, the enhancement of the business environment and infrastructure development, the implementation of a Joint Supplier Registration System (JSRS) and defining a standard approach to contractual Terms and Conditions.
Current and Future ICV impacts
In 2012 47% of Orpic`s total purchasing spend was within Oman, and in the past two years Orpic has committed 10% of its Oman contracts and procurements to the Al Batinah region.
The Suhar Refinery Improvement Project (SRIP) which is due to be completed in 2016, will continue to champion value-added for both the local and national economies. Through the project, Orpic is looking to channel 15% of its value directly to drive the in-country value factor. That will mean around US$375 million directly stimulating the national economy.
Sponsoring ICV projects
Orpic has also chosen to act as sponsor to three Business Opportunities being promoted by the In-Country Value Programme Management Office, two of which are suitable for development by SMEs. The opportunities are:
- Fabrication of scaffolding and scaffold parts, as well as scaffolding services
- Purchasing of Commodity Chemicals
- Tank maintenance and cleaning
Between them, these projects should create hundreds of jobs and several hundred million dollars` worth of ICV.
For more on ICV in Oman follow this link www.incountryvalueoman.net.