BUSINESS

Oilfields Supply Center’s $570m investment in SPARK

April 19, 2021

DHAHRAN — Oilfields Supply Center Limited (OSC) has announced it awarded a contract for construction of their center in the Kingdom with a total investment of $570M in King Salman Energy Park (SPARK).

The creation of the OSC base will measure one million square meters and include multiple areas and zones. The center is critical to localize the full energy supply chain, enabling investors to supply to the broader region’s and gain maximum benefit from their presence at SPARK.

Dr. Mohammad Yahya Al-Qahtani, chairman of the Board of Directors at SPARK 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 localization 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 Manger Iqbal Mohammad Abedin said: “Reaching this vital milestone has been the focus of all our efforts. It cements OSC’s commitment to realizing our business at SPARK and enabling local content for all companies wanting to do business in Saudi Arabia.

“We believe this builds on momentum and contributes to a vibrant and world-class ecosystem. 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) program, which encourages the development of a diverse, sustainable and globally competitive energy sector in the Kingdom.”

SPARK is on track to become the leading energy-centric ecosystem in the world, offering a foundation upon which the sector can innovate and grow. OSC’s initial investment of $570 million is expected to contribute to further value creation, as it creates and maintains the oil and gas supply base and provides pre-built solutions for investors and partners of all sizes.

With 80% of its first phase infrastructure development completed, SPARK is the first industrial city in the world to obtain LEED Silver Certification.

Construction of the oil and gas supply base by OSC adheres to SPARK’s focus on sustainability and environmentally-friendly design and construction. The project draws green portfolio and experience of delivering engineering and design solutions, which aim to minimize the environmental impact of infrastructure development. — SG


April 19, 2021
711 views
HIGHLIGHTS
BUSINESS
10 hours ago

Making Biden’s climate plan work: Rystad Energy models the most achievable recipe

BUSINESS
10 hours ago

Without action, the next pilot shortage in the Middle East is all but inevitable

BUSINESS
10 hours ago

Etihad Rail collaborates with Transportr to develop integrated digital logistics services