PDO Agrees Strategic Partnership

Petroleum Development Oman (PDO)

has signed an historic agreement with Qatari company ASTAD

International to discuss potential co-operation over executing some

PDO projects.

The Memorandum of Understanding (MoU) signals the start of a

new approach for PDO as it gradually broadens and diversifies its

approach to generate greater value for the Sultanate and its

shareholders.

Under the terms of the one-year agreement, the Company will

form a joint team with ASTAD to examine the economic and commercial

viability of a more permanent partnership.

PDO Managing Director Raoul Restucci said: “The collaboration

with ASTAD represents a strategic partnership which could see PDO

expanding its role in project management in Oman. “Both parties

already have great expertise and experience in executing a wide range

of engineering and construction projects and we want to investigate if

we can pool our resources and bring about greater efficiency and

speed of delivery.

He added, “As PDO evolves beyond oil and gas into a fully-

fledged energy company with a greater focus on renewable energy

sources, you will see us leveraging our know-how and innovative spirit

in new directions”.

ASTAD has managed and delivered some of Qatar’s most

complex building and infrastructure projects in various sectors of the

construction industry. With more than 800 employees, it has worked on

over 250 projects covering education, healthcare, sports, commercial,

residential and transport.

ASTAD Chief Executive Officer (CEO) Ali bin Nasser al-Khalifa,

who signed the MoU on behalf of ASTAD International with Restucci,

said: This agreement is a reflection of the continued efforts ASTAD is

making towards enhancing business relations between Qatari and

Omani companies. This MoU aims to support the development of

building and infrastructure in both of our countries, ultimately

benefiting both of our nations’ economies”.

Source: Oman News Agency