KSA’s SPARK megaproject to Set Up $10 million O&G Equipment Factory

KSA’s SPARK megaproject to Set Up $10 million O&G Equipment Factory

/ Technology & Smart Cities / Friday, 26 August 2022 13:56

Saudi Arabia's energy city, King Salman Energy Park (SPARK), has approved a new deal for the development of a multimillion-dollar manufacturing site that will produce corrosion protection tapes and oil and gas equipment.

The energy city has signed an agreement with oil and gas services provider Mubarak A. AlSuwaiket and Sons Oil & Gas Services Co. (MASO&G) for the project.

Under the package comprising a SAR40 million ($10.6 million) investment in SPARK, MASO&G will set up a factory to produce corrosion protection tapes made of polyisobutylene (PIB) and establish an oil tools equipment manufacturing and service center.

The factory will be built on a 40,000-square-meter area in SPARK. The SAR40 million capital injection will be made over a three-year period.

"Our investment in SPARK will provide us with a sustainable ecosystem that enables ease of operations and allows us to contribute towards the localisation of manufacturing in the kingdom," said MASO&G's president, Mubarak Abdullah AlSuwaiket.

The King Salman Energy Park is a fully integrated industrial ecosystem. The project is strategically located in the Eastern Province of Saudi Arabia. King Salman Energy Park spans an area of 50 km² and is being developed to be the leading gateway for the region’s energy sector, providing a complete spectrum of solutions to support business growth in the Kingdom.

SPARK aims at providing different services and products including exploration, production, refining, petrochemicals, conventional power, water production and treatment, and drilling. Furthermore, it is expected by completing the project by 2035 to create 100,000 direct and indirect jobs in addition to an annual increase in GDP by $6 billion.

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