Orpic marks significant results in 2017 Back to News Page
Oman Oil Refineries and Petroleum Industries Company – Orpic participated at the Annual Media Conference 2018 which was organized by the Ministry of Oil and Gas along with the operating Oil and Gas companies in the Sultanate.
Ahmed Saleh Al Jahdhami, Orpic CEO addressed the media and talked about Orpic`s key achievements for 2017 in regards to its Strategic Growth Projects, environmental and financial performance as well as the latest updates on people, In-Country Value (ICV) and Corporate Social Responsibility (CSR).
We firmly believe that these three major projects will transform Orpic’s business model and product mix over the next years and will firmly reinforce Orpic as a recognized player in the international petrochemicals marketplace," says Orpic CEO.
All of Orpic’s strategic growth projects known as Suhar Refinery Improvement Project (SRIP), Muscat Suhar Product Pipeline (MSPP) and Liwa Plastics Industries Complex (LPIC) are progressing as per schedule. SRIP and MSPP have already entered the operational phase in 2017. The combination of the three projects represents a growth strategy that revolves around increased integration within the manufacturing complex, and the production of a broader slate of petrochemical products that will enable Orpic to extract more value from the oil and gas molecules of Oman.
On its financial Performance, Orpic’s achieved highest EBITDA in 2017, thereby sustaining a positive revenue trend.
On the people perspective, Orpic firmly believes in empowering its people to maximize their potential and considers people as its biggest asset. As an employer-of-choice, Orpic recruits, trains and retains the best talents in Oman. Up until 2017, Orpic recruited more than 1000 employees and trainees across different functions and departments. On the other hand, Orpic had awarded 40 scholarships as part of its International Scholarship Programme to enable young Omani students to study in leading universities across the world.
As a responsible company, Orpic’s objective is to support business development, human capability development, and productivity stimulation in Oman’s economy through the retention of maximum in-country value. Orpic fully supports the national ICV program and plans to maximize its ICV contribution within the USD 9.5 billion capital projects. Hence, the total ICV value spent for 2017 including growth projects were USD 330 Million. In addition, 340 local SMEs were awarded contracts during 2017 with a value of USD 21 Million.