King Salman Energy Park (Spark), a leading industrial ecosystem in Saudi Arabia, signed five letters of intent for new projects with prominent sector players at Adipec 2024 – the world’s largest and most inclusive gathering for the energy industry.
Totaling over SAR3 billion ($798.66 million) in value, the agreements are set to create over 3,000 direct and indirect jobs at maturity.
The five letters of intent with the following industry-leading manufacturers illustrate Spark’s ongoing progress as a world-class industrial ecosystem dedicated to supporting tenants across the energy value chain:
• In a letter of intent signed with CEO, Mohammed Hayef, BioChem a chemical manufacturing company, will establish a state-of-the-art facility at Spark to produce xanthan gum, a substance used to reduce the structural strength and viscosity of substances such as drilling fluid. Covering 100,000 sq m, BioChem’s plant, the first of its kind in the GCC and MENA region, is forecasted to produce 20 kilotons of xanthan gum a year. It will form part of Sparks’s chemical sector and is expected to support the Kingdom's ambitions for a thriving economy, in alignment with Vision 2030.
• MAN Industries, a global leader in the line pipe industry, will set up a 360,000 sq m facility at Spark through a letter of intent signed with Projects Vice President, Hardik Shah. The facility will produce large diameter carbon steel pipes and offer anti-corrosion coatings, boosting the metal processing sector in Saudi Arabia.
• Local player Primetech International Company will aim to expand globally, in line with the kingdom’s ambitions to diversify its role in the energy services sector. Its Spark facility will produce blow out preventors and manifolds, enhancing the kingdom’s "Saudi Made" brand worldwide. manufactures a wide range of oilfield equipment. In a letter of intent signed with Operations Manager Kiran Kumar Primetech
• Thermocables, a leading manufacturer of specialty cables, will focus on high-quality cable production at its 10,000 sq m SPARK manufacturing hub, following a signing with Chairman, Chetan Ghurka.
• Dalipal Holdings Chairman, Meng Fanyong, signed a letter of intent for the manufacturer of specialised oil country tubular goods to produce seamless steel pipes at its SPARK facility. This plant will occupy over 1,000,000 sq m and serve the Kingdom’s energy services sector.
Signing the letters of Intent on the sidelines of Adipec, Mishal Al-Zughaibi, President and CEO of Spark, stated: “We are proud to welcome these industry leaders as tenants at Spark. The letters of intent signed today underscore our commitment to fostering industrial growth and connecting tenants to the Saudi energy sector. This expansion further solidifies Spark’s position as a leading regional industrial ecosystem, driving innovation and sustainable growth.”
These signings represent a significant milestone for Spark as continues to connect the world to opportunities in the Saudi energy sector and beyond and support the goals of Vision 2030 to localize the energy value chain, Spark said. – TradeArabia News Service