News // Oil and gas worldwide
King Salman Energy Park sparks new era of growth for Saudi Arabia’s energy sector
11 December 2018 , 14:07Neftegaz.RU420
Riyadh, December 11 - Neftegaz.RU. Mohammed bin Salman broke ground on the King Salman Energy Park (SPARK), located in the Kingdom’s Eastern Province. SPARK is a 50 s.km energy city megaproject which will position Saudi Arabia as a global energy, industrial and technology hub. The 1st phase of the development will be completed by 2021
SPARK has already attracted investments from foreign and local companies to produce and manufacture goods and services in the Kingdom’s energy sector. The investment in the 1st phase of the project is expected to be around $1.6 billion.
Saudi Aramco is at the heart of SPARK’s development, helping bring businesses together to drive efficiencies and promote technological development, manufacturing and exports, as well as build a world-class energy supply chain. SPARK’s role in enabling localization within the Kingdom’s energy supply chain aligns with the strategic goals of Saudi Aramco’s In-Kingdom Total Value Add (IKTVA) program.
Highlighting SPARK’s role in unlocking the full potential of the Kingdom’s energy resources in line with its economic transformation plan, Khalid Al-Falih, Minister of Energy and Saudi Aramco chairman, said: «SPARK is one of the country’s most ambitious projects, affirming the Kingdom’s commitment to Vision 2030 by creating thousands of high-skilled jobs, serving as an economic catalyst and advancing Saudi Arabia’s strong position in the global energy sector. The energy park’s unique value proposition makes it an ideal destination for companies looking to invest in the thriving Saudi Arabian energy services market.»
Saudi Aramco President and CEO Amin Nasser said: «The King Salman Energy Park will start a new era of growth for one of the Kingdom’s thriving sectors. It will serve as a central gateway to the region’s economies, with Saudi Aramco continuing to be at the heart of the global oil and gas industry. We’re looking forward to collaborating with our 1st anchor partners at SPARK, as we are investing in business opportunities for international investors and private-sector companies in the Kingdom. Together, we are building a world-class energy hub that will accelerate solutions across the value-chain for generations.»
When operational, SPARK is estimated to contribute more than $6 billion to the Kingdom’s GDP annually and create up to 100,000 direct and indirect jobs.
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