OQ’s expenditure on goods and services hits $974 million

OQ’s expenditure on goods and services hits $974 million

Muscat: OQ, the globally integrated energy group, has said that its expenditure on goods and services reached approximately $974.07 million in the third quarter of 2023. Of this, $753.11 million was allocated to goods and services through local suppliers, resulting in $314.17 million being retained as In-Country Value (ICV).

The group has reported spending a total of $172.53 million on small and medium-sized enterprises (SMEs) by the third quarter of this year. This includes a significant amount of $56.99 million explicitly allocated for SMEs holding the Riyada Card.

This expenditure aligns with the group’s strategic focus on enhancing its ICV contribution, in tandem with government efforts and the objectives of Oman Vision 2040, demonstrating a steadfast commitment to invest and support local markets, goods and SMEs.

Recognising the significance of supporting Omani Goods, OQ has given special attention to goods made in Oman in its procurement policies. This includes offering up to a 10 percent price preference for Omani goods and specifically targeting Omani goods in some contracts and procurements. As a result, spending on goods manufactured in the Sultanate of Oman reached approximately $122.41 million.

Furthering its dedication to local industry, OQ has launched initiatives aimed at industry localisation, notably the recently signed