Petroleum Development Oman to help create job opportunities for 21,000 locals

Above, a Petroleum Development Oman facility near Muscat. (Reuters)
Updated 21 March 2019

Petroleum Development Oman to help create job opportunities for 21,000 locals

  • ‘We aim to create 21,000 job opportunities in 2019, and we are confident that we can achieve that number’

DUBAI: State-owned Petroleum Development Oman expects to create 21,000 job opportunities for Omanis this year through the oil exploration and production company’s training opportunities and other undertakings.

“We aim to create 21,000 job opportunities in 2019, and we are confident that we can achieve that number. These are real opportunities that lead to direct employment once the training is completed,” Raoul Restucci, the managing director of PDO, told the Times of Oman.

“A lot of the opportunities we are promoting today exist outside the oil and gas sector, whether it be in tourism, manufacture or logistics. While some of these jobs will be created by PDO, many of the Omanis will be employed by other organizations once they complete their PDO funded on-the-job training.”

The prospective jobs would be spread across multiple sectors – from oil and gas, manufacturing, tourism to logistics – as PDO works with the government in pushing the Omanization agenda.

PDO’s Restucci noted the company has already created more than 5,000 job opportunities so far this year. Meanwhile, the Omanization rate for PDO has reached 81 percent and the company’s target is to reach 90 percent by 2020.

“… the oil and gas sectors are highly Omanized, and where you have expatriates, is where you have a gap in skills, or more likely, experience,” Restucci said.


Ericsson hit by higher 5G costs and weaker US market

Ericsson CEO Borje Ekholm. The company’s position as a leader in 5G has not protected it from costs associated with the technology. (Reuters)
Updated 29 min 9 sec ago

Ericsson hit by higher 5G costs and weaker US market

  • Ericsson’s adjusted quarterly operating earnings rose to 5.7 billion crowns ($600.2 million) from 2.6 billion a year earlier, but were down from 7.4 billion the previous quarter

STOCKHOLM: Sweden’s Ericsson reported a smaller-than-expected rise in fourth-quarter core earnings on Friday and said higher costs would spill over into 2020 as the telecoms equipment maker looks to exploit its leading position in super-fast 5G networks. Its shares fell more than 6 percent in early trading.
After a number of lean years, Ericsson has been boosted by the roll-out of 5G, particularly in the US.
But while 5G has helped sales, it has increased costs. Ericsson has also opted to take on strategically important clients to gain market share, betting a hit on margins in the short term will help to deliver longer-term profitability.
The company recently bought the antenna and filter business of German’s Kathrein to boost its 5G portfolio and said costs and investments related to the deal would weigh on margins through 2020.
Increased investments in digitalization and more spending on compliance — after a $1 billion payment to resolve probes by US authorities into corruption — are also expected to mean somewhat higher operating costs in 2020.
Nevertheless, CEO Borje Ekholm said Ericsson was on track to deliver on its 2020 targets of an adjusted operating margin of more than 10 percent and sales of 230 to 240 billion ($25.1 billion) Swedish krona.
Ericsson is fighting rivals Nokia and Huawei to take the lead in the roll out of 5G networks, which are expected to host critical functions from driverless vehicles to smart electric grids and military communications.
That has led the US to blacklist Huawei and launch a worldwide campaign to try to persuade allies to ban the Chinese firm from their 5G networks, alleging its equipment could be used by Beijing for spying — which Huawei denies.

BACKGROUND

While the US is an early 5G adopter, China is expected to start its roll out this year and Western Europe after that.

The UK is expected soon to make a final decision on whether to allow Huawei equipment in its 5G mobile networks, while Germany may also rule on the matter during the spring.
North America has been the biggest market for 5G so far, boosting Ericsson’s sales, but the company said demand slowed in the fourth quarter as the proposed merger between Sprint and T-Mobile hit their spending.
“It was a significant impact in a small part of the market which means the quarter came out negative in North America,” Ekholm said. “But in general demand is very strong there.”
By 2025, the GSMA telecoms industry lobby group estimates operators globally will have spent $1 trillion building up 5G networks, offering a huge jackpot for the leading suppliers.
Ericsson’s adjusted quarterly operating earnings rose to 5.7 billion crowns ($600.2 million) from 2.6 billion a year earlier, but were down from 7.4 billion the previous quarter.