Muscat: An exhibition of small and medium enterprises (SMEs), conducted by Riyada in association with the SME Development Fund, will showcase opportunities for small businesses, as part of the In-Country Value (ICV) initiative.
The annual SME Exhibition will take place at the new Oman Convention and Exhibition Centre from November 28 to 30.
The ICV is an ambitious programme of the Ministry of Oil and Gas, which seeks to combine direct employment generation and the development of entrepreneurship to promote efficient and sustainable use of local resources, in keeping with the national ICV blue print.
Several large companies will be making their presence felt at the exhibition, including Orpic. Orpic is one of Oman's largest and most rapidly growing businesses in the Middle East oil industry. Orpic's refineries in Sohar and Muscat, as well as the aromatics and polypropylene plants in Sohar, provide fuel, chemicals, plastics and other petroleum products to Oman and the world.
To continue to meet the needs of Oman and international markets, Orpic is undertaking three strategic growth projects, which include the Muscat Sohar Product Pipeline - MSPP, Sohar Refinery Improvement Project, and Liwa Plastics Industries Complex.
The projects are part of the company's strategy to add value to the oil and gas produced in Oman. Upon commissioning in 2020, these projects will enable Orpic to become a leading performer, thereby expanding its business in the future.
The Liwa Plastics Industries Complex Project is the largest of the three strategic growth projects undertaken by Orpic. Upon completion in 2020, LPIC will change Orpic's product mix, generate significant employment opportunities and support the development of a downstream plastics industry in Oman.
Contracts valued at $6.5 billion have been signed with four EPC contractors for its flagship project. As part of its commitment to the national ICV programme, LPIC has earmarked some $1.5 billion to support SMEs. The contractor has provided a plan which includes a breakdown of ICV components during the life cycle of the project. These include a minimum 25 per cent local purchase content, minimum Omanisation of 30 per cent and training efforts for Omanis in excess of 15 per cent of those employed, excluding owner-employees.
LPIC recently held two ICV road shows in Sohar and Ibri for EPC 1 and EPC 3, respectively. The project will also be showcasing opportunities for small and medium enterprises at the SME exhibition on November 28, 2016.
SMEF's objective in the ICV initiatives is a win-win approach to the SME sector. SMEF will extend subsidised financing to eligible SME's associated with Orpic, or indirectly through their EPC and major contractors on the Liwa Plastics Industries Complex project. Besides the funding, SMEs will also receive the benefits of accounting, nurturing, mentoring support and business advocacy support from SMEF.
The major benefits to the SMEs from such a collaboration will enrich the business ecosystem and SME value chain supporting the country's ICV initiative.