(MENAFN- Muscat Daily) Muscat- A new PDO-backed factory which will manufacture key well equipment for the oil and gas industry has been officially opened in Nizwa.
The Omani company Gulf Energy SAOC established the Fishing & Remedial Experts Enterprise (FREE) facility which is set to create up to 70 jobs for Omani nationals.
PDO signed a ten year contract with FREE and will be the main customer. The factory will retain more than US$8.4mn in country, supplying drilling and fishing tools which were previously bought on the international market.
Although the initial aim is to support the domestic oil and gas industry, there is an aspiration to serve the Middle East and North Africa region in future, a press release said.
The official opening took place under the auspices of H E Mohsin bin Khamis al Balushi, adviser at the Ministry of Commerce and Industry.
PDO managing director Raoul Restucci said, 'The opening of the FREE factory in Nizwa will enable PDO to source critical well equipment and tools in the sultanate rather than from abroad. This is a win-win in that it retains more of the wealth of the national oil and gas industry in the sultanate while at the same time boosting Omani skills and jobs, and all in line with our in-country value (ICV) programme.'
Gulf Energy CEO Hilal al Busaidi said, 'Gulf Energy and PDO are jointly launching a successful ICV project. The project will be the foundation for future research and development and equipment manufacturing to serve the company's requirement and the local market.
The facility is equipped with latest machine technologies run by local talented manpower. ICV must be embedded in all contracts to serve the country's interest and localise knowledge and services.'
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