Partners in Progress - Oman LNGomanlng.com/en/Media/Documents/AnnualReport/Final Oman LNG 201… ·...
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Airport Heights: Ghala, P.O. Box 3395, CPO, P.C. 111, Sultanate of Oman. Tel: +968 24625400, Fax: +968 24625406Shatti Al Qurum: P.O. Box 560, Mina Al Fahal, P.C. 116, Sultanate of Oman. Tel: +968 24609999, Fax: +968 24609900
Qalhat Complex: Tel: +968 25547777, Fax: +968 25547700
A n n u A l R e P O R T 2 0 1 4
www.omanlng.com
At A Glance
Million Man Hours without Lost-Time Injury (LTI).
Of Company's Net Income After Tax (NIAT) dedicated for
Social Investment Programmes.
Million US$ - amount invested in over 3,200 projects and
initiatives across the country.
12.8
130
1.5%
Million US$, the amount invested in staff training and
development in 2014.
Number of Staff.
Information provided asat December 2014.
Staff are undergoing professional qualifications, sponsored by the
Company.
7.8
99
565
Omanisation - Oman LNG has remained at the forefront of
attracting and retainingthe best talent.
Pacesetting Reliability of Trains.
Staff sponsored by the Company for higher education.
90%
71
+99%
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The Shareholders:
AnnuAl RePORT 2014
Oman lnG in Brief 8
Our Vision, Mission, Core Values and Strategic Objectives 9
Board of Directors 10
Chairman’s Message 12
Corporate Governance 14
Chief executive’s Summary 16
Management Team 17
employing and nurturing Talent 18
Producing lnG Safely and Reliably 20
Protecting environment and Caring for People 22
Global Ambassadors through lnG Sales 24
Financial Performance 26
Qalhat lnG 28
Social Investment Programme 30
Contents
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Oman LNG in brief
Oman Liquefied Natural Gas LLC (Oman LNG) is a joint venture company established by a Royal Decree in 1994 and operates under the laws of the Sultanate of Oman. The Company engages in the business of producing and selling Liquefied Natural Gas (LNG) and its by-product, Natural Gas Liquids (NGLs).
Oman lnG undertakes, directly or indirectly, project operations and related activities essential to liquefy, store, transport and market Oman’s natural gas and to deliver lnG to customers. The Company operates 3 liquefaction trains - at its site in Qalhat near Sur with a nameplate capacity of 10.4 million tonnes per annum (mtpa).
The Company’s activities contribute to the Government of Oman’s objectives of diversifying the economy. Oman lnG’s liquefaction Plant is located on the coast at Qalhat near Sur in the South Sharqiyah Governorate and its head office is in Muscat.
As of September 1, 2013, Oman LNG officially integrated with Qalhat LNG. The integrated entity operates under the name of Oman lnG.
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Operational Excellence1. Producing, optimising, marketing and delivering LNG
safely, reliably and profitably
Plant reliability is optimised so as to maintain top quartile performance.
2. Managing Business Processes while assuring compliance
effective and compliant Business Processes that support operational excellence.
3. Achieving excellence in HSSE & Risk Management
Highest performance in all aspects of Health, Safety, Security and environment which are at the heart of Oman lnG’s reputation, brand and operation.
4. Optimising integration synergies
By planning and managing the integration process we have been able to realise strategic, organisational, operational, process, people and technology synergies between Oman lnG and Qalhat lnG.
Partnership Excellence1. Being a trusted partner
Our business activities are conducted in such a way as to command and sustain the respect and trust of all stakeholders.
2. Engaging to sustain licence to operate
Strict adherence to regulations ensures the durability of our license to operate.
3. Ensuring commitment and reliability
Retain the trust of customers, suppliers and contractors and their continuing desire to do business with Oman lnG by honouring our contractual commitments and reliability of our delivery.
Results Excellence1. Maximising the value of our contribution to
stakeholders and to the sustainable development of Oman
Oman lnG maximises shareholder value and supports the sustainable economic development of Oman.
2. Meeting our commitments to our customers
Meeting our commitments to long term contracts secures our revenue goals.
3. Expanding our investment income
The company uses its cash surplus, Social Investment Reserve and Pension Funds to seek and benefit from high-yield, low-risk investment opportunities.
4. Driving cost leadership
We aim for cost leadership without sacrificing quality or safety, always choosing excellent value for money in our purchasing policy.
Our VisionThe Best At What We Do
Our Mission• To produce, market and deliver lnG safely, reliably and
profitably• To develop our business and employees to their full potential• To be a trusted partner in the sustainable development of Oman
and its people
Our Core ValuesIndividual BehaviourIntegrity• living the OlnG values • Doing what is right even if no one is watchingProfessionalism• Producing quality work at all times• Efficiency and effectiveness in carrying out assigned
roles and responsibilitiesAccountability• Delivering on promise based on agreed targets• Demonstrating ownership of mandated assignmentsOrganisational BehaviourTeam Work• Collaborating with others to deliver on organisational objectives• Value differences and leverage on diversity of the teamCare & Respect• listening to concerns of stakeholders• Respecting diversity• Considering stakeholders’ needsEmpowerment• Having confidence and trust in delegated responsibilities
to staff to execute tasks competently• Coaching and mentoring to continuously develop staffBusiness BehaviourTransparency & Fairness• engage staff/stakeholders in an open, transparent
and timely manner• Provide equal opportunity to all staff without prejudice• Impartiality in staff reward and recognition • Build courage to give objective feedbackReputation & Loyalty• Compliance with the law and business principles in order to
maintain credibility with stakeholders and the license to operate• uphold business interests at all times without breaching
organisational confidentiality
Strategic Objectives
Team Excellence1. Realising the full potential of our team, technology and
business:
We use top-end technologies, including system, applications and tools to leverage team capabilities.
2. Living our values as a team
In order to pursue our Vision and achieve our Mission, we require passionate adherence to our General Business Principles and our Core Values in everything we do.
3. Attracting and developing talent and retaining our team
Attract well educated, highly motivated candidates and commit to identifying and developing the particular talents.
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Tahir bin Salim Al Amry
Director General of Treasury and Accounts,Ministry of Finance, Government of Oman
Saber bin Said Al Harbi
Director General of economic Statistics, national Centre for Statistics and Information, Government of Oman
Saif bin Hamad Al Salmani
Director General of Planning & Projects evaluation,
Ministry of Oil and Gas, Government of Oman
Yoshinobu Satomi
General Manager,Middle east natural GasBusiness Department,natural Gas Business Division,energy Business Group, Mitsubishi
Christopher Breeze
Shell Country Chairman and General Manager,
Shell Development Oman llC
H.E. Dr. Abdulmalik bin Abdullah Al Hinai
Advisor to the Ministry of Finance,Government of Oman,
Deputy Chairman of the Board of Directors of
Oman lnG l.l.C.
Board of Directors
H.E. Dr. Mohammed bin Hamad Al Rumhy
Minister of Oil & Gas,Government of Oman,
Chairman of the Board of Directors ofOman lnG l.l.C.
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* ITOCHu Corporation attends all Board Meetings but does not have voting rights on the Board.
Ajay Shah
Vice President Venture West
Shell upstream Integrated Gas
Toru Ukishima
General Manager,natural Gas Business Development,Mitsui & Co. ltd.
Jean-Daniel Blasco
DirectorMiddle east & north Africa
exploration and Production,TOTAl
Kyu Shick Park
Managing Director and Chief Executive Officer,Korea lnG limited
Dr. Antonio Jose Da Costa Silva
Chairman of theManagement Commission,
Partex Oil & Gas
Hiromatsu Tomoyuki
General Manager,natural Gas Business Department,energy Division no.1,ITOCHu Corporation
Harib Al Kitani
Chief Executive Officer, Oman lnG
Wladi Rabiej
Oman lnG’s General Counsel and Company Secretary
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The year 2014 has been one of both challenge and growth for Oman lnG. Faced with an unprecedented fall-off in oil prices, we nevertheless managed not only to achieve, but even enhance our national contribution, on more than one front.
Cost optimisation is good policy for any company, adding value to the bottom line. Here at Oman LNG our pro-active and targeted approach to the effects of global price volatility ensured that we were able to minimise its balance sheet impact without compromising any of our valued goals. We are as committed as ever to the safety, health and happiness of our valued employees, as are we to our community and country. We will always find ways to meet our responsibilities and prized objectives.
One of the most valuable contributions Oman lnG can make to the future of our country is Omanisation. Today, 90% of our personnel are Omani. We have always taken this policy seriously, not merely in terms of numbers recruited, but most significantly the level of training and development offered to every employee in our company. In 2014, this endeavour was acknowledged with the Ministry of Manpower’s excellence Accolade. Meanwhile we derive particular satisfaction from the fact that four British professional institutions have now accredited our engineering Graduate Professional Development Scheme.
Our great emphasis on safety remains unchanged. last year we achieved zero Total Recordable Cases in a year of outstanding successes. Zero TRC represents a record since the company’s foundation. With almost 13 million man-hours without a lost Time Incident, this culture of the value of human life and safety in the work environment continues to filter through to the community in which we operate through our interactions with contractors. This form of influence has been a feature of how we like to work at Oman lnG, because of its profound and lasting benefit.
The company’s privileged position is one that offers rich opportunities to support the less advantaged. Through its Social Investment Programme, Oman lnG continues to provide support in the form of training, transport assistance, cultural initiatives, the gift of equipment and housing - to fishermen, to the blind, disabled and housebound, and to all who can derive real benefit from this programme.
Finally, I speak on behalf of every member of the workforce of Oman lnG in expressing our deepest and most heartfelt good wishes to His Majesty Sultan Qaboos bin Said for good health. let us all join hands and keep praying to the Almighty to shower His Majesty with good health. His support and wisdom has fuelled the success of this company and we rejoice in his steady recovery.
H.E. Dr. Mohammed bin Hamad Al RumhyMinister of Oil & Gas Chairman of the Board of Directors
Chairman’s Message
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Board Composition
The Board of Directors comprises a maximum of fourteen (14) non-executive members appointed as follows:
Government of the Sultanate of Oman: seven (7) members, including the Chairman and the Vice- Chairman; Shell: two (2) members; other shareholders (except Itochu Corporation): one (1) member each.
Itochu Corporation is represented at Board meetings by an Itochu nominee but has no voting rights.
Board Activities in 2014
In 2014, the Board of Directors met in March, June and november. At the first meeting in March held in the interior of Oman at Qarn Alam, the Board reviewed and approved the 2013 corporate performance and scorecard. It also endorsed the financial statement and final dividend for approval by Shareholders at the General Meeting. Following the recommendation of the Board, the General meeting of the Shareholders approved the appointment of KPMG as the company’s external auditors for 2014. In addition, the Board received a report on a staff salary survey. The summer Board meeting in June 2014 was hosted by Partex in Portugal. The board of Qalhat lnG was also hosted by Mitsubishi at the same venue. The Board considered a new investment strategy with the aim to grow the financial resources available to social investment projects, as well as a new structure to take the company’s many successful corporate social responsibility initiatives forward. The Board also reviewed the Oman lnG Business Plan 2015-2019 premises.
The november meeting was held at the company’s Airport Heights office in Muscat. At this meeting, the Board approved the Proposed Business Plan
2015–2019 and the 2015 Operating and Capital Budgets. In addition, the Integrated Assurance Plan 2015 – 2019 was reviewed and approved. The CeO presented his report for the year 2014, sharing many highlights on safety performance, social investment and staff engagement following the successful integration of Oman lnG and Qalhat lnG. Also on the Board agenda of this meeting was the approval of a new treasury policy, the formation of a social development foundation and the 2015 meeting schedule for the Board and Shareholders Committees. There were changes in the Board membership in 2014: Mr. John Blascos and Mr. Bert Christofels of Shell were succeeded by Mr. Christopher Breeze and Mr. Ajay Shah, respectively. Mr. Jean-Daniel Blasco succeeded Mr. Xavriel Preel as the Total director on the Board. Mr. Badar bin Ali al Sariri resigned prior to the June Board meeting. Itochu Corporation’s representative Mr. Yasuda was succeeded by Mr. Hiromatsu Tomoyuki.
Shareholders’ Committees
The Shareholders’ Committees were established under the Shareholders’ Agreement to assist the Board in an advisory capacity. There are four committees which respectively address: 1) Technical 2) Personnel 3) Financial, and 4) Commercial matters and meet prior to each Board meeting. each shareholder has the right to be represented on each shareholder committee. To improve efficiency, the Personnel, Financial and Commercial Committees meet jointly, whilst the Technical Committee sits separately. The Shareholder Committees do not take decisions for the company, but review and endorse the management recommendations for the Board of Directors to approve. each committee met three times during 2014. As
*Reports directly to the Chairman of Audit Committee
Corporate Governance
Governance Structure
Chief Executive Officer
Shareholders Committees:
-Technical
-Joint (Personnel, Finance, Commercial)
Board Committees:
-Audit Committee
-Management Remuneration and Succession Committee
Deputy CeO & ChiefHuman Resources Officer
Chief Financial Officer & Deputy CeO for QlnG Affairs
Chief Commercial Officer
Chief Operating Officer
Chief Information Officer
Chief Marketing Officer
Chief Corporate Affairs Officer
Chief Internal Auditor*
Shareholders
Board of Directors
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ACCA Appreciation Award for Oman lnG's leadership in Corporate Governance
planned, these meetings took place prior to the meetings of the Board.
Board Committees
There are two Board Committees: 1) Audit Committee, and 2) Management Remuneration and Succession Committee.
The Audit Committee
The purpose of the Audit Committee is to provide an independent oversight of the systems of internal controls and financial reporting processes through a review of the quality, independence and effectiveness of internal and external audits. The Audit Committee reports directly to the Board of Directors via its Chairman and comprises the following non-executive members: Government of the Sultanate of Oman: three (3) representatives, including the Chairman; Shell: one (1) member; Non-Shell shareholders: one (1) representative chosen in rotation; Any shareholder: one (1) technical representative from any shareholder as agreed by the shareholders. The Audit Committee met three times in 2014. The meetings were attended by the Chief Internal Auditor and
the Chief Executive Officer. The Chief Financial Officer was present when the Statutory Financial Audit and Management letter were presented by the Statutory external Auditor, KPMG. To ensure independence, the Chief Internal Auditor reports directly to the Chairman of the Audit Committee. In line with best practice, the Internal Audit department adopts a risk based methodology in proposing and executing its audit programme. Several assurance audits were also carried out by external parties, including the Company’s external Auditors, Shareholders, International Standards Organisations (ISO), Technical Advisor, and the State Audit Institution.
The Company Management
Management of the Company implements an Enterprise-wide Risk Management (ERM) approach that provides a proactive framework of risk management and mitigates risks and their potential impacts on the achievement of the company’s strategic objectives and goals. Each identified risk is assessed and appropriate measures are introduced to provide all reasonable assurances that threats will not materialise and in the event they do any adverse impact is minimised. The process and identified risks are reviewed annually.
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Chief Executive’s SummaryA year ago, when oil prices were peaking, Oman lnG managed to deliver excellent results. The past year, however, has tested the company’s ability to weather severe price storms, and the results have been just as spectacular. The company is well geared to face any external factors that are beyond its direct control, and our plans for the future are secure and on course.
HSE
Irrespective of external events, Health, Safety and the Environment (HSE) will always be our number one priority, both for our own personnel and for the public at large. And so it was particularly rewarding that in a year when tough decisions had to be made to trim spending that Oman lnG achieved the first year in its history without a single Total Recordable Case.
We conducted major shutdowns, most notably of Train 1, seamlessly and without incident. Today we can boast 1,666 days and almost 13 million man hours without a single Lost Time Incident (LTI). Our “Line of Fire” HSE Campaign attracted a very impressive 925 staff and contractor participants. These figures validate our steady progress towards achieving “Goal Zero. No Harm. No Leaks”, the appropriately chosen theme for 2014 Safety Day.
It is gratifying to see that the high standards we adhere to at Oman lnG go beyond our boundaries, to reach into the community and to our client base.
Omanisation
Another vital area where we have and still continue to lay our full emphasis and support is, of course, Omanisation. A pro-active policy of Omanisation is both a national priority and a priority of our company. I am happy to say that our efforts in this respect are proceeding from strength to strength.
Oman lnG’s Professional Development Schemes continue to gain recognition, with accreditations today at four third level British institutions accredited to the graduate engineers development scheme: IMeche, IeT, ICheme and IMareST. even more crucially in our endeavour to advance Oman’s progress towards skills self-reliance, we received the Ministry of Manpower’s excellence Accolade for our contribution in recruiting, employing, training and retaining Omani personnel.
Marketing
The company has benefited greatly in the last year from its integration with Qalhat lnG through consolidation of resources, greater delivery efficiencies and flexibility by way of cargo swaps and diversions, as well as reduced competition, all of which is good news for our stakeholders.
Of course targeted marketing is crucial and we participated in several major international industry events. Meanwhile, reliability in a volatile industry is not just good business practice, but is an outstanding sales practice as well. We have growing domestic needs too, and we are exploring initiatives to meet rising demand.
Social Responsibility
Our Social Investment Programme (SIP) proceeds apace as an integral part of our unique success. last year, we made solid contributions to social and development programmes as diverse as aid for the blind and disabled, hospital equipment, cultural projects and indigenous industry. The feedback from these contributions is heart-warming and we see the SIP as a vital component of our strategy to bring benefit to Oman.
Our Results
In this annual report, I am happy to present you with some of the highlights of our financial performance and operations in 2014. A year that witnessed various achievements in different areas of the business.
These results are an unfolding manifestation of our vision of being the “Best At What We Do” so we maintain our position as a trusted partner throughout the lnG value chain and in the growth, development and diversification of the economy of the Sultanate and its people.
The management and staff of Oman lnG who strived and worked hard throughout the year are extremely grateful for the continuing guidance of our shareholders, and the Board of Directors and its Chairman for their support throughout 2014.
We also recognise the opportunities that have been created for all of us through the continuing success of Oman, made possible by the vision and leadership of His Majesty Sultan Qaboos bin Said and the Government of Oman.
We pray to the Almighty to shower His Majesty with good
health.
Harib Al KitaniChief Executive Officer
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Amor Al Matani
Deputy Chief executive Officer & Chief Human
Resources Officer
Management Team
Hamood Al Sinaidi
Chief Marketing Officer
(QLNG)
Harib Al KitaniChief Executive Officer
Adnan RajabChief Commercial Officer
Saif Al Harthy
Chief Information Officer
Hafidh Al Harthy Chief Financial Officer & Deputy CeO for QlnG Affairs
Khalid Al Massan Chief Corporate Affairs Officer
Rene de NierChief Operating Officer
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Omani Joiners & Leavers
Expatriate Joiners & Leavers
Employment Profile
Key Highlights
• Attesting to the company’s outstanding degree of Omanisation, training, and development efforts, the Ministry of Manpower has recognised Oman lnG with its excellence Accolade.
• Oman LNG's Engineering Developement Scheme received accreditations from four UK-based professional bodies.
In Numbers
• Total Staff: 565
• Omani Staff: 506
• Omanisation: 90%• 12 Omani staff on cross-posting
• 734 courses delivered to staff in 2014
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Plant Reliability
(%)
NGL Production in Tonnes
Key Highlights
• During the year, our company executed a major shutdown on Train 1, its biggest since construction.
• The high integrity of the Plant in 2014 furthered our key business goals of producing liquefied natural gas for supply based on an annual delivery plan (ADP).
• The Central Control Room (CCR) witnessed a revamp upgrade aimed to enhance the working the environment including operators’ comfort, ergonomics, safety, ease of communications, better functionality, and automation of the system.
In Numbers
• LNG Production: 7.95 mtpa
• LNG Capacity: 10.4 mtpa
• Unused Capacity: 2.45 mtpa
• Reliability: 99.13%• Utilisation: 83.5%
• NGL Production: 245,711 (MT)
LNG Productionin Million Tonnes
245,711
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12 Life Saving Rules
Key Highlights
• Oman LNG Safety Day with the theme “Achieving Goal Zero. No Harm. No Leaks.” offered an opportunity for staff and contractors to reflect on good Process and Personal Safety practices at work and home.
• Road Safety Campaign in HAS for Oman LNG families and HAS School students.
• Successfully executed major shutdowns without any recordable cases.
In Numbers
• Achieved 12.8 Million Man-hours and 1666 days without lTI.
• 2014 marks the only year in company’s history without any Total Recordable Case.
Key Performance Indicators
2010 1
2011 0
2012 0
2013 0
2014 0
Lost TimeInjuries
4
2
1
1
0
21
10
10
15
2
Total RecordableCases
First AidCases
120
56
89
62
59
Near MissReports
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Commercial Activities
Key Highlights
• Participated in major international conferences and exhibitions.
• The integration offers greater opportunities to serve the market by deploying swaps and diversions of cargoes.
• Maintained our reliability to supply markets with clean energy, despite growing domestic needs of gas.
• Oman lnG receives feedgas from Petroleum Development Oman’s (PDO’s) upstream facilities in Barik, Saih Rawl and Saih nihayda.
In Numbers
• 125 cargoes were loaded from Oman lnG’s plant in Sur; 81 for Oman lnG and 44 for Qalhat lnG.
• 38 nGl cargoes were lifted.
• The vessel Sohar lnG was utilised for 266 days being sub-chartered to various customers and partners.
• Achieved a Shipping utilisation of 77%.
Total numberof LNG cargoes
delivered
89 87
85
9081
36 37
45
4038
Total numberof NGL cargoes
produced
47%
88%95%
78%
77%
ShippingUtilisation
of Sohar LNG
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Revenue Net Income After Tax (NIAT)
Key Highlights
• Through a combination of stable energy prices in the first half of 2014 averaging uS$110.83 per barrel and wise cost leadership, Oman lnG continued to achieve superior revenues in 2014, this was despite nine (9) fewer LNG cargoes in 2014 compared with 2013.
Financial Highlights of Oman LNG for 2014
• Revenue: uS$ 4.074 billion.
• Net Income After Tax (NIAT): US$ 1.768 billion.
Opex 2014 (Actual)Historical Opex 2010-2014
uS
$ m
illio
n
uS$ million
Revenue vs. Net Income After Tax 2010-2014
3131
1387
3963
1782 1950
4491
2018
4074
1768
4342
150173
199
223
160 15%
13%
32%
20%
14%6%
Corporate
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Shareholders
Government of Oman 46.84%; Oman lnG 36.8%; union Fenosa 7.36%; Itochu Corporation 3%; Osaka Gas Australia Pty 3%; Mitsubishi Corporation 3%.
History
Qalhat lnG began operations in 2005 with a single train that made up the third liquefied natural gas production unit at Qalhat in Sur. The train is operated by Oman lnG on behalf of Qalhat lnG.
Qalhat LNG has three long-term sale and purchase agreements (SPAs) for a total contracted volume of approximately 3.3 million metric tonnes per annum (mmtpa).
The agreements to supply LNG include a 20-year SPA with Spain’s Union Fenosa Gas (1.65 mmtpa), a 17-year SPA with Japan’s Osaka Gas (0.85 mmtpa) and a 15-year SPA with Mitsubishi Japan (0.8 mmtpa).
On 1st September 2013, the management of Qalhat lnG integrated with Oman lnG.
Financial Highlights of Qalhat LNG for 2014
• Total revenue in 2014 amounted to USD 1.07 billion. More than a quarter of this has been generated from diversion transactions.
• Optimized shipping activities to achieve a reduction in cost of uSD 21 million
• Effectively managed surplus funds to offset financing cost and achieve a cost saving of uSD 6 million.
• Investments generated a return of 13% in 2014.
• Successfully diverted 25 cargoes from 2014 ADP.
Shareholders Long-Term Buyers
46.84%
36.8%
3%
7.36%3%
3%24.5% 24.5%
51%
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1.91.60.91.2 1.9Sponsorship andDonation
3.92.95.56 3.9National FundProjects
1.91.32.21.5 1.9Human ResourcesDevelopment
3.93.234.5 3.9Community FundProjects
Key Sustainability Indicators(US$ Million)
Key Highlights
• Social Investment plays an integrated part of both Oman lnG and Qalhat lnG business. It provides an opportunity for both companies to give back to the society from the revenues generated from the sale of lnG.
• Our Social Investment Programme (SIP) is thus a commitment to contribute to the prosperity of the Sultanate that goes beyond income generated from the Government’s shareholding in the Company and the taxes the company pays as a responsible corporate citizen.
Main Projects
• Financing the provision of medical equipment to Khoula Hospital
• Supporting the rehabilitation of houses for disabled people
• Provision of equipped fishing boats for fishermen in Sur
• Training for 20 Omani ladies in sewing skills in Al Amarat
• Purchase of Braille Sense devices for
Al noor Blind Association
• Funding the purchase of buses for Sur Sports Clubs
• Extending Smart class room initiative to Dhofar Governorates schools
2010 2011 2012 2013 2014
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