SPARK is set to be a fully integrated city, bringing together major national and international companies
King Salman Energy Park (SPARK), the Middle East’s only fully integrated energy hub, recently welcomed two new strategic investment in the oil and gas sector, TAQA and AMCO.
“SPARK sits at the heart of the energy market, offering a world-class ecosystem that facilitates the growth of our tenants’ businesses and brings sustained value to our wider communities. SPARK is set to be a fully integrated city, bringing together major national and international companies and fuelling economic growth and job creation,” commented Saif Al-Qahtani, CEO, SPARK.
SPARK is the new mega-project being constructed and located between Dammam and Al-Ahsa in the energy-rich Eastern Province of Saudi Arabia. This project is being developed, operated and managed by Saudi Aramco in partnership with the Saudi Authority for Industrial Cities and Technology Zones.
Anchor tenant
As an anchor tenant, TAQA will expand its local operations with the TAQA Industrial Park at SPARK, strategically located close to their primary clients.
TAQA will establish a brand-new facility that will include oilfield services, a specialty facility for engineering and manufacturing, and a wireline and perforation centre of excellence.
The facilities will be constructed in two phases starting in the second quarter of 2021, with the design and developmental planning stages having already commenced.
The integrated centre of operations at SPARK allows TAQA more efficient and effective utilization of resources and increased profitability through cost savings.
Cutting-edge technology
“With our plans for future acquisitions focused on cutting-edge technology and innovative solutions, we further cement our alignment with Vision 2030 and the government’s drive to diversify and localize services and manufacturing in the Kingdom,” noted Khalid Nouh, CEO, TAQA.
AMCO is also investing over SAR 260mn (US$ 69.3mn) in a new center in SPARK. AMCO’s plans include the development of facilities to enable the manufacturing and production of steel pipes, valves, pumps, turbines, and machine and rotary equipment.
The agreements with TAQA and AMCO continue to pave the way toward an integrated energy ecosystem at SPARK. Both of these investments will accelerate the consolidation of the energy value chain being established at SPARK, in line with Kingdom-wide goals to catalyze economic development.
