Oman's Ministry of Social Development announced the launch of the "Developmental Foundation for Social Responsibility in the Energy Sector," establishing a unified umbrella for social responsibility initiatives and programmes within this sector.

 

This aims to achieve a sustained positive impact across various social, economic, and environmental fields, reported ONA.

 

The Foundation's capital has been set at no less than RO 1 million ($2 million).

 

Funding will be sourced from community financial contributions due to the Ministry of Energy and Minerals under concession agreements with companies, in addition to investment returns, annual membership fees, and support approved by the Foundation's Board of Directors from other sources.

 

The Foundation's Board of Directors will be appointed by the Minister of Energy and Minerals.

 

It will include members from the Ministry and sector companies, ensuring balanced representation and integrated decision-making.

 

Membership terms will be for three years, renewable.

 

The Foundation is expected to bring about a qualitative shift in maximising the social responsibility impact of the sector, as it will allow for directing community spending towards strategic projects that address community priorities and align with government programs for sustainable development.