King Salman Energy Park (SPARK), the leading industrial ecosystem with sustainability at its core, has signed an agreement with Mubarak A. AlSuwaiket and Sons Oil & Gas Services Co. (MASO&G) in order to develop a manufacturing facility worth $10 million (SAR 40 million) in SPARK.
Through the agreement, MASO&G will develop a factory producing corrosion protection tapes made of polyisobutylene (PIB), an environmentally friendly viscous compound. Furthermore, MASO&G will establish an oil tools equipment manufacturing and service center.
The company said that “the factory will occupy an area of 40,000 square meters in SPARK with a capital injection amounting to $10 million over 3 years.”
The agreement will contribute towards the development of SPARK’s integrated ecosystem in line with its aim of localizing manufacturing, while supporting job creation.
SPARK’s President and CEO, Mr. Saif S. Al-Qahtani, said that, “Through partnerships with tenants who are key players in their industry, we elevate the strength of our world-class integrated ecosystem while facilitating our investor’s ambitions. Ultimately, through the localization of manufacturing, we contribute towards a more sustainable future for the Kingdom and beyond.”
Furthermore, SPARK is committed to enabling the production of environmentally friendly products and technologies as part of its ESG commitment.
“Our agreement with SPARK is in line with our mission of achieving excellence and a high level of efficiency in our oil and gas domain by providing high-quality services. Our investment in SPARK will provide us with a sustainable ecosystem that enables ease of operations and allows us to contribute towards the localization of manufacturing in the Kingdom,” commented Mr. Mubarak Abdullah AlSuwaiket, President of MASO&G.