PHOTO
Saudi Arabia's energy city King Salman Energy Park (SPARK) has confirmed a new deal for the development of a multimillion-dollar manufacturing site that will produce corrosion protection tapes and oil and gas equipment.
In a statement on Monday, the energy city said it has just signed an agreement with oil and gas services provider Mubarak A. AlSuwaiket and Sons Oil & Gas Services Co. (MASO&G).
Through the deal, which represents a SAR40 million ($10.6 million) investment in SPARK, MASO&G will set up a factory to produce corrosion protection tapes made of polyisobutylene (PIB) and establish an oil tools equipment manufacturing and service centre.
The factory will be built on a 40,000-square-metre area in SPARK. The SAR40 million capital injection will be made over a three-year period.
"Our investment in SPARK will provide us with a sustainable ecosystem that enables ease of operations and allows us to contribute towards the localisation of manufacturing in the kingdom," said MASO&G's President, Mubarak Abdullah AlSuwaiket.
(Writing by Cleofe Maceda; editing by Seban Scaria)
