ADNOC's In-Country Value Program – Impact on Joint Ventures and Consortia
Overview
Since 1 April 2018, all suppliers of goods or services to ADNOC and its subsidiaries are re-quired to calculate and declare their ICV score. To date, it is estimated that more than 2,000 suppliers have already obtained ICV certification. For Joint Ventures and Consortia, additional questions and concerns may arise during the submission process. This legal briefing gives an overview of the possible risks involved, as well as how to proactively reduce such risks as far as possible.
Definitions
ICV: “In-Country Value” programme . ICV is a procurement-led initiative that aims at focusing on local supplier selection, development of United Arab Emirates Nationals, and the localisation of critical functionalities in the oil and gas industry. See article on ADNOC's In-Country Value Program.
ADNOC: Abu Dhabi National Oil Company. See Abu Dhabi Law No. 7/1971 on the Incorporation of the Abu Dhabi National Oil Company.