Latest news with #OSE
Time of India
5 days ago
- Business
- Time of India
New work rules in Oman: Certification now mandatory for engineering and finance professionals
From August 2025, engineers and accountants in Oman must secure official certification to obtain or renew work permits/Representative Image TL;DR: As of August 1, 2025, engineers in Oman must hold an Oman Society of Engineers (OSE) classification certificate approved by the Sector Skills Unit (SSU) before securing or renewing work permits. From September 1, 2025, a similar certificate will become mandatory for 20 accounting and finance roles. The Ministry of Labour is enforcing the changes through its e-services system and will not issue or renew permits without proper credentials. The aim is to standardize professional qualifications, enhance competency, and bolster Omanisation goals . New Engineering Permit Rules (Effective August 1, 2025) The Ministry of Labour announced that anyone working or seeking to work as an 'engineer' must first secure a professional classification certificate. This must be issued by the Oman Society of Engineers (OSE) and approved by the Sector Skills Unit. As of that date, no work permit in engineering will be issued or renewed without it, via the Ministry's online platform. Mandatory Accounting Qualifications (From September 1, 2025 A similar requirement will apply to 20 specific accounting, finance, and audit roles, including CFOs, external/internal auditors, controllers, cost accountants, and more. These positions will require a Sector Skills Unit Professional Classification Certificate for Accounting, Finance and Auditing for any new or renewed work permit. The following roles in the accounting and finance sector will require professional certification: Accounts Technician Assistant External Auditor Assistant Internal Auditor Internal Auditor External Auditor Cost Accountant Credit Analyst Financial Analyst Accounts Manager Tax Manager Chief Financial Officer (CFO) External Audit Manager Internal Audit Manager Senior Internal Audit Manager Financial Controller Senior External Audit Manager Head of Internal Audit Department Chief Financial Officer (CFO) External Audit Partner Chief Audit Executive The Ministry confirmed that no exceptions will be made. Employers and foreign professionals must now apply via the e-services portal and obtain the necessary certifications prior to work permit issuance or renewal. Non-compliance may result in denial of applications or unexecuted renewals. Policy Context: Skill Standardization & Omanisation These measures align with wider Omanisation and professional competency goals, increasingly seen in GCC countries seeking to enhance workforce quality. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Villas in Dubai | Search Ads Get Info Oman's move echoes similar steps in Saudi Arabia and UAE, where accreditation and licenses are required for specialties like engineering, finance, and healthcare. Why It Matters: Upskilling & Local Workforce Integration Professional uplift : Certification ensures that engineers and finance specialists meet national competency benchmarks. Talent localisation : By elevating qualification standards, Omani professionals gain competitive advantages, aligning with Vision 2040 goals. Regulatory consistency : A structured evaluation process reduces permit fraud, improves sectoral accountability, and sets clear guidelines for employers and workers. Local engineering firms and audit practices are reportedly checking eligibility lists to prepare affected staff for compliance. No major backlash has surfaced online, though global recruitment agencies note companies are beginning internal skill audits and credential upgrades. Next Steps & Employer Guidance Employers and professionals should: Identify affected roles: designate engineering and finance positions listed. Initiate certification: request classification from OSE/SSU via official portals. Submit early: allow time for certification, ideally before July 2025 deadlines. Monitor e-services: permit issuance linked directly to certification approval. Oman's enforcement of professional classification for engineers and accountants is a significant labour-market upgrade. With clear deadlines, digital enforcement, and no exemptions, this signals a strong regulatory shift: credentials matter, and Omanisation remains a national priority. By following these steps, employers can ensure uninterrupted operations and compliance; professionals can secure their roles; and Oman's agenda for a qualified, local talent base gains momentum.
Business Wire
6 days ago
- Business
- Business Wire
BW LPG Successfully Closes Two Key Financing Facilities
SINGAPORE--(BUSINESS WIRE)--BW LPG Limited ('BW LPG', OSE ticker code: ' NYSE ticker code 'BWLP') has successfully closed two key financing facilities - a USD380 million Term Loan and Revolving Credit Facility, and a USD215 million Term Loan Facility. These facilities enable BW LPG to finance the finalised acquisition of Avance Gas fleet last year, refinance existing debt and support the fleet renewal of our Indian subsidiary as well as improve BW LPG's overall funding cost and liquidity profile. The USD380 million Term Loan and Revolving Credit Facility, secured at a highly competitive margin, was supported by seven of our banking partners, with its proceeds used to finance vessels acquired from Avance Gas which was completed at the end of 2024. With the closing of this facility, BW LPG terminated its shareholder loan of USD250 million in June 2025 ahead of its expiry. In parallel, BW LPG India has secured a USD215 million Term Loan Facility to refinance its existing debt and to support the acquisition of two modern VLGCs, BW Chinook and BW Pampero, from BW LPG as previously announced. This facility supports BW LPG India's continuous fleet renewal plan amid the sustained growth of India's LPG demand. BW LPG India, a subsidiary participated by Maas Capital Shipping and Global United Shipping, currently owns and operates India's largest fleet of VLGCs. Following the acquisition of these two VLGCs, BW LPG India will own nine VLGCs. The USD215 million Term Loan was finalised with a significantly improved margin compared to the previous facility. It received strong backing from our five banking partners lending through their branches in Gujarat International Finance Tec-City (GIFT), India, enabling an overall financing costs reduction including benefit from withholding tax exemptions on interest payments. 'We are pleased to have successfully closed these key financing arrangements with enhanced terms and strong participation from both new and existing bank partners,' says Kristian Sorensen, CEO of BW LPG. 'This reaffirms the robust and ongoing support of our global banking network, and enhances our liquidity through dynamic markets ahead of us. We extend sincere gratitude to our partner banks across both facilities for their unwavering support to BW LPG.' The facilities drew support across ten banks including Citibank N.A., DBS Bank Ltd., Development Bank of Japan Inc., DNB Bank ASA, ING, Mizuho Bank, Ltd., MUFG Bank, Ltd., OCBC, Skandinaviska Enskilda Banken AB (publ) and Standard Chartered. About BW LPG BW LPG is the world's leading owner and operator of LPG vessels, owning and operating a fleet of more than 50 Very Large Gas Carriers (VLGCs) with a total carrying capacity of over 4 million CBM. With five decades of operating experience in LPG shipping, an in-house LPG trading division and investment in LPG downstream distribution, BW LPG offers an integrated, flexible and reliable service to customers along the LPG value chain. Delivering energy for a better world – more information about BW LPG can be found at BW LPG is associated with BW Group, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet of over 450 vessels transporting oil, gas and dry commodities, with its 200 LNG and LPG ships constituting the largest gas fleet in the world. In the renewables space, the group has investments in solar, wind, batteries, and water treatment.
Business Wire
6 days ago
- Business
- Business Wire
BW LPG Limited - Update on BW LPG's Product Services Q2 2025 Segment Performance
SINGAPORE--(BUSINESS WIRE)--BW LPG Limited ('BW LPG' or the 'Company', OSE ticker code: ' NYSE ticker code: 'BWLP') today provides an update on its Product Services' ('BW Product Services') Q2 2025 segment performance. For the quarter ended 30 June 2025, BW Product Services achieved a realised gain of USD 5 million from our cargo and freight operations. After accounting for the unrealised mark-to-market change of positive USD 10 million from our open cargo contracts and hedging transactions, we ended the quarter with a gross trading result of approximately USD 15 million. After general and administrative expenses and income taxes, BW Product Services reported an estimated result of approximately USD 5 million for the quarter. The average Value-At-Risk (VAR) for the quarter was approximately USD 8 million. BW LPG will release its Q2 2025 financial report on 26 August 2025. Says Kristian Sørensen, Chief Executive Officer, 'Amid ongoing macro uncertainties and market volatility driven by tariff developments, our Product Services team continued to perform well, delivering positive realised results that contribute to the dividend capacity. This reflects the team's disciplined approach and effective risk management in navigating a challenging quarter.' About BW LPG BW LPG is the world's leading owner and operator of LPG vessels, owning and operating a fleet of more than 50 Very Large Gas Carriers (VLGCs) with a total carrying capacity of over 4 million CBM. With five decades of operating experience in LPG shipping, an in-house LPG trading division and investment in LPG downstream distribution, BW LPG offers an integrated, flexible, and reliable service to customers along the LPG value chain. Delivering energy for a better world - more information about BW LPG can be found at BW LPG is associated with BW Group, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet of over 450 vessels transporting oil, gas and dry commodities, with its 200 LNG and LPG ships constituting the largest gas fleet in the world. In the renewables space, the group has investments in solar, wind, batteries, and water treatment.
Business Recorder
7 days ago
- Business
- Business Recorder
Japanese rubber futures rise on Thai flood concerns
SINGAPORE: Japanese rubber futures rebounded on Wednesday, fuelled by supply shortage fears after top producer Thailand warned of possible flash floods, although sluggish global demand capped gains. The Osaka Exchange (OSE) rubber contract for December delivery ended daytime trade up 3.5 yen, or 1.1%, at 320.5 yen ($2.16) per kg. The rubber contract on the Shanghai Futures Exchange (SHFE) for September delivery climbed 80 yuan, or 0.55%, to 14,500 yuan ($2,020.31) per metric ton. The most-active August butadiene rubber contract on the SHFE fell 65 yuan, or 0.56%, to 11,525 yuan ($1,605.80) per ton. Thailand's meteorological agency warned of heavy rains and accumulations that may cause flash floods and overflows from July 19-21. The market is currently paying attention to the Thai flood warning, said Chinese broker Hexun Futures. The greenback strengthened to 148.91 yen per dollar after reaching a 3-1/2-month peak earlier in the session. A weaker Japanese currency makes yen-denominated assets more affordable to overseas buyers. Oil prices rose on expectations of steady demand in the US and China. Natural rubber often takes direction from oil prices as it competes for market share with synthetic rubber, which is made from crude oil. Amidst the peak production season across rubber-producing countries, as well as damp international demand, there could be some cap to the upside, said Farah Miller, founder of independent rubber-focused firm Helixtap Technologies. Rubber crops usually undergo a season of low production from February to May, before a peak harvesting period that lasts until September. The front-month rubber contract on Singapore Exchange's SICOM platform for August delivery last traded at 167.3 US cents per kg, up 0.7%.
Business Recorder
16-07-2025
- Business
- Business Recorder
Japan rubber futures rise on Thai flood concerns, weak demand caps gains
Japanese rubber futures rebounded on Wednesday, fuelled by supply shortage fears after top producer Thailand warned of possible flash floods, although sluggish global demand capped gains. The Osaka Exchange (OSE) rubber contract for December delivery ended daytime trade up 3.5 yen, or 1.1%, at 320.5 yen ($2.16) per kg. The rubber contract on the Shanghai Futures Exchange (SHFE) for September delivery climbed 80 yuan, or 0.55%, to 14,500 yuan ($2,020.31) per metric ton. The most-active August butadiene rubber contract on the SHFE fell 65 yuan, or 0.56%, to 11,525 yuan ($1,605.80) per ton. Thailand's meteorological agency warned of heavy rains and accumulations that may cause flash floods and overflows from July 19-21. The market is currently paying attention to the Thai flood warning, said Chinese broker Hexun Futures. Japanese rubber futures firm on weather woes The greenback strengthened to 148.91 yen per dollar after reaching a 3-1/2-month peak earlier in the session. A weaker Japanese currency makes yen-denominated assets more affordable to overseas buyers. Oil prices rose on expectations of steady demand in the U.S. and China. Natural rubber often takes direction from oil prices as it competes for market share with synthetic rubber, which is made from crude oil. Amidst the peak production season across rubber-producing countries, as well as damp international demand, there could be some cap to the upside, said Farah Miller, founder of independent rubber-focused firm Helixtap Technologies. Rubber crops usually undergo a season of low production from February to May, before a peak harvesting period that lasts until September. The front-month rubber contract on Singapore Exchange's SICOM platform for August delivery last traded at 167.3 U.S. cents per kg, up 0.7%.
