Oilfields Supply Center (OSC) has announced it is going to invest $570m in King Salman Energy Park (SPARK) to construct their oil and gas supply centre or base in the Kingdom of Saudi Arabia.
The OSC base will measure one million m2, with the demarcation of multiple zones.
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The base is critical for localisation of the full energy supply chain and will allow investors to have a wider range of supply while gaining maximum benefit from their presence at SPARK.
SPARK board of directors chairman Mohammad Yahya Al-Qahtani said: “Strategically located at the heart of the region’s energy market, SPARK is focused on providing investors with ease of access to the demand for energy good and services. The OSC supply base is a key component of this strategy to create a favorable environment for international and local companies as well as SMEs to accelerate the localisation in Saudi Arabia.
“OSC is providing pre-built industrial solutions which de-risk the set-up phase for investors and give them flexibility to rent industrial facilities and workshops on demand in addition to providing a full set of supporting services. The base is expected to create thousands of jobs in the energy fields.”
OSC director and corporate affairs general manager Iqbal Mohammad Abedin said: “Reaching this vital milestone has been the focus of all our efforts. It cements OSC’s commitment to realising our business at SPARK and enabling local content for all companies wanting to do business in Saudi Arabia.
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By GlobalData“We have previously seen significant interest from international companies and Small and Medium Enterprises (SMEs), and following the award we anticipate increased demand for our industrial facilities, with all phases of work to be completed by the fourth quarter of 2023.”
Abedin added: “The creation of an oil and gas supply base on site at SPARK, the region’s only fully integrated energy hub, is another example of how the project complements Aramco’s In-Kingdom Total Value Add (iktva) programme, which encourages the development of a diverse, sustainable and globally competitive energy sector in the Kingdom.”
SPARK aims to become the world’s leading energy-centric ecosystem by offering a foundation upon which the sector can grow.
Further value creation is expected with OSC’s initial investment of $570m, as the oil and gas supply base is created and maintained, offering readymade solutions for investors and partners.
SPARK has already seen the completion of 80% of its first phase infrastructure development and is the world’s first industrial city to acquire LEED Silver Certification.
Construction of the OSC centre aims to minimise the impact on the environment with SPARK’s focus on sustainability and environment-friendly design.
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The base is critical for localisation of the full energy supply chain and will allow investors to have a wider range of supply while gaining maximum benefit from their presence at SPARK. Credit: Richard Glendenning/Unsplash.
