Developmental Foundation for Social Responsibility in Oman’s Energy Sector LaunchedMuscat, 29 Sep (ONA) — The Ministry of Social Development announced the official launch of the “Developmental Foundation for Social Responsibility in the Energy Sector,” establishing a unified umbrella for social responsibility initiatives and programs within this sector. This aims to achieve a sustained positive impact across various social, economic, and environmental fields.The Foundation’s capital has been set at no less than RO 1 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 maximizing 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.The energy sector in the Sultanate of Oman is one of the most committed to society, with its companies leading extensive initiatives in education, health, and the environment for decades. With the establishment of this Foundation, these efforts are transformed into a national model for social responsibility, cementing the sector’s position as an engine for sustainable development and supporting the building of a cohesive society and a prosperous economy.The launch of the “Developmental Foundation for Social Responsibility in the Energy Sector” represents a qualitative leap in the sector’s community work system and reflects the vision of the Ministry of Energy and Minerals in transforming social responsibility into a sustainable investment that contributes to empowering future generations and achieving economic and social prosperity for the Sultanate of Oman.— Ends/AH