In a move to support the oil and gas upstream sector in the Kingdom, Saudi Arabia’s King Salman Energy Park (SPARK) and Kuwait’s National Petroleum Services Company (NAPESCO) — a private company offering pumping services to the energy secto — are planning to invest $100m (SAR375m) to develop an equipment facility.
In a statement on its official Twitter account, SPARK said that the facility will manufacture downhole tools, gyroscope, in addition to several oilfield equipment.
Once the facility is being developed, it will add to the Saudi Arabia’s vision for energy value chain integration.
SPARK inked another deal with Target United Energy (TUE) to invest in a new facility that will provide services to the oil and gas sector. The facility will manufacture downhole tools, whipstock.
Earlier this month, the Saudi Center for Commercial Arbitration (SCCA) opened its new branch at SPARK in Al Khobar, as part of its strategic plan to expand and support its client base.
Meanwhile, the construction of Phase 1 of the 50km2 SPARK reached 60% in July 2020. The megaproject is scheduled to be completed by 2021.
With investments worth $1.6bn (SAR6bn), the project comprises infrastructure, roads, utilities, and real estate assets established across 14km2, in addition to a 3km2 logistics zone, and dry port.
Upon completion, the project will add $5.8bn (SAR21.8bn) annually to the kingdom’s gross domestic product (GDP) by 2035, while creating thousands of job opportunities.
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