OSC plans to invest approximately $450m over the next two years at Saudi Arabia's King Salman Energy Park
Saudi Arabia’s King Salman Energy Park (Spark) and the Dubai-based Oilfields Supply Centre (OSC) have signed to agreement that will see OSC become an anchor tenant at the Spark energy city megaproject, Saudi Aramco has announced.
Working in collaboration with Saudi Aramco, OSC will develop a business incubator – the Common User Supply Base (CUSB) – to help support the kingdom and the region’s oil and gas industry and help accelerate the growth of energy sector SMEs.
OSC plans to invest approximately $450 million over the next two years.
CUSB will be an industrial facility that provides buildings of various sizes to host companies and supply them logistics, technical and engineering services as well as business report.
The centre will be the first of its kind in Saudi Arabia and the largest in the region, with a footprint of over 1 million square metres and a potential expansion of an additional 500,000 square metres.
“OSC’s investment marks an important part in Spark’s journey to become an integrated energy, industrial, technology and services hub,” said Saudi Aramco president and CEO Amin Nasser said.
“It will contribute to supply chain localisation, boost job creation and support the overall advancement of the kingdom’s energy sector.”
Iqbal Mohammed Abedin, the director and general manager of corporate affairs at OSC, said that the investment in Spark and collaboration with Saudi Aramco will “position the project as a major enabler for oil and gas manufacturing and service companies and related SMEs.”
“It will enhance their localisation plans by both increasing local procurement and value added manufacturing activities, as well as increasing the employment of Saudi nationals.”
When operational, Spark is expected to contribute over $6 billion to the kingdom’s GDP annually and create thousands of direct and indirect jobs.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.