A new factory manufacturing key well equipment for the oil and gas industry is opened in Nizwa with the support of Petroleum Development Oman (PDO).
Gulf Energy established the Fishing and Remedial Experts Enterprise (FREE) facility, which is set to create up to 70 jobs for nationals.
PDO has signed a 10-year contract with FREE and will be the main customer. The factory will generate more than $8.4 million revenues, supplying drilling and fishing tools, which were previously bought from the international market.
Although the initial aim is to support the domestic oil and gas industry, the company will be looking at the Middle East and North Africa region in future.
The official opening took place under the auspices of HE Mohsin Bin Khamis Al Bulushi, Adviser at the Ministry of Commerce and Industry.
PDO Managing Director Raoul Restucci said: “The opening of the FREE facility in Nizwa will enable PDO to source 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 programme.
“We will do all we can to support the development of Omani businesses which can service our industry competitively, reliably and professionally.”
Oman News Agency