Riyadh: Baker Hughes, a subsidiary of the US-based industrial conglomerate General Electric (GE), revealed plans to establish a facility in the King Salman Energy Park's "SPARK" to provide oilfield services.
Baker Hughes’ new project will offer services in three sectors, namely drilling services, wireline services, and pressure pumping, according to an official statement.
GE’s unit further noted that building this facility is part of its expansion in the oil-rich kingdom, while the project’s first phase will be inaugurated by the end of next year.
Set to be fully finished by fiscal year 2021/2022, the investment is expected to significantly contribute to achieving Saudi Vision 2030 which aims to diversify the GCC nation's economic resources and reduce dependence on oil revenues.
The investment cost of the project was not revealed.
Earlier on Tuesday, Saudi Arabia’s Energy Minister Khalid al-Falih said that 12 agreements were signed at a combined value of around SAR 1.2 billion with Schlumberger, Halliburton, Saudi Information Technology Company, and others local firms to lease land plots and build companies at "SPARK".
On Monday, 10 December, Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud laid the foundation stone SPARK’s first phase with SAR 6 billion in investments.
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