RIYADH: Oilfields Supply Center Limited (OSC) is to invest $570 million building a center at the King Salman Energy Park (SPARK).
The OSC base, measuring 1 million square meters and including multiple areas and zones, will contribute to Saudi Arabia’s Vision 2030 efforts to localize more of the energy supply chain.
“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,” Dr. Mohammad Yahya Al-Qahtani, chairman of the SPARK board of directors, said in a press statement on Monday. “The base is expected to create thousands of jobs in the energy fields.”
Iqbal Mohammad Abedin, OSC’s director and corporate affairs general manager, said all phases of work on the site were due to be completed by the fourth quarter of 2023.
“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 Program, which encourages the development of a diverse, sustainable and globally competitive energy sector in the Kingdom,” Abedin said.
SPARK will be built in three phases. Last month, it announced that 80 percent of the infrastructure work for phase one had been completed, with the remaining 20 percent due to be finished this year.
The first phase’s near-completion means the allotted land is ready for investment, and 35 investment applications have been approved for companies and their support services. Contracts have already been signed with 23 other companies, the company said in March.
Two strategic agreements have also been signed with the Industrialization and Energy Services Co. (TAQA) and the Arab Minerals Co. (AMCO).
Under the agreement, TAQA is seeking to expand its local operations through the TAQA Industrial Complex, with an initial investment of up to SR300 million ($80 million). AMCO is investing SR260 million to develop a new center in the city.
SPARK is being built on an area of 50 square kilometers. Phase one will be 14 square kilometers, in addition to a dedicated logistics zone and dry port.
OSC is owned by the Dubai government and was established in the early 1960s.
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