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SPARK Signs Agreement to Establish Oilfields Supply Center

Gasoil News - Published on Wed, 17 Jul 2019

Image Source: Saudi Aramco
King Salman Energy Park and Dubai-based Oilfields Supply Center Ltd signed an agreement to establish OSC as an anchor tenant at SPARK, an energy city megaproject which will cement Saudi Arabia’s position as a global energy, industrial and technology hub. In collaboration with Saudi Aramco, OSC will develop a business incubator, called the Common User Supply Base to support the oil and gas industry in the Kingdom and the region, as well as help accelerate the growth of small and medium-sized enterprises in the energy sector. OSC plans to invest around USD 450 million over the next two years, contributing to SPARK’s objective of localizing more than 300 new industrial and service facilities. The CUSB will be an industrial facility that provides industrial buildings of various sizes to host companies and supply them with integrated services such as logistics, technical engineering services and business support. The center will be the first of its kind in Saudi Arabia and the largest in the region with a footprint of over 1 million square meters and a potential expansion of an additional 500,000 square meters.

The agreement was signed by Mohammed Y Qahtani, SPARK Chairman and Saudi Aramco Senior Vice President for Upstream, and Muneeb Abdulrazzaq Al Kazim, General Manager of Oilfields Supply Company Saudi Arabia, in the presence of Mr Amin H Nasser, Saudi Aramco President and CEO and Mr Iqbal Mohammad Abedin, CEO of Oilfields Supply Center Ltd.

Mr Amin H Nasser, Saudi Aramco President & CEO, said that “OSC’s investment marks an important step in SPARK’s journey to become an integrated energy, industrial, technology and services hub. It will contribute to supply chain localization, boost job creation and support the overall advancement of the Kingdom’s energy sector.“

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Posted By : Sanju Moirangthem on Wed, 17 Jul 2019
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