ICV Audit and ADNOC Registration
ADNOC has introduced an In-Country Value (ICV) program for its suppliers. This procurement-led initiative aims to boost ADNOC’s ICV contribution by focusing on local supplier selection, development of UAE Nationals, and the localization of critical functionalities in the oil and gas industry.
- Suppliers shall possess ICV certificate issued by an ICV Empaneled Certifying Body.
- ICV certificate shall be obtained for each legal entity of the Supplier, which intends to be certified. Each license of a Company is considered as an independent legal entity even if the ownership is the same. However, if a Company has different branches in the same Emirate with identical activities and ownership listed on the licenses, then one combined ICV certificate will be issued for the Company in that Emirate.
- All figures entered in the ICV certificate template should tally with Supplier’s latest audited Financial Statements. The audited financial statements shall be as per the International Financial Reporting Standards (IFRS), and shall not be older than 2 years from the certification year.
- For newly established Companies (less than 10 months old), who do not have audited financial statements, the Management Accounts for a period of up to 9 months can be used for ICV calculations. Any management accounts greater than 9 months will be required to be audited.
- The ICV certificate shall be valid for a period of 14 months from the date of issuance of Audited Financial Statements.
- Upon appointing an Empaneled Certifying Body, Supplier shall not change the Empaneled Certifying Body for that year’s ICV certificate without proper justifications.
- Supplier’s submission shall consider all Supplier’s costs incurred and revenue earned during the financial year.