On the side-lines of ADIPEC 2024, SPARK signed several letters of intent with leading entities, BioChem, MAN Industries, Primetech, Thermocables, and Dalipal Holdings
The agreements will generate over 3,000 direct and indirect jobs and significantly expand manufacturing capabilities at SPARK at maturity
The state-of-the-art facilities will reinforce SPARK's position as a leading regional player facilitating the localization of the energy supply chain
Saudi Arabia, 07 November 2024 – King Salman Energy Park (SPARK), a leading industrial ecosystem, signed five letters of intent with prominent sector players at ADIPEC 2024 – the world's largest and most inclusive gathering for the energy industry. Totaling over SAR 3 billion in value, the agreements are set to create over 3,000 direct and indirect jobs at maturity.
The five letters of intent with the following industry-leading manufacturers illustrate SPARK's ongoing progress as a world-class industrial ecosystem dedicated to supporting tenants across the energy value chain:
In a letter of intent signed with CEO, Mohammed Hayef, BioChem a chemical manufacturing company, will establish a state-of-the-art facility at SPARK to produce xanthan gum, a substance used to reduce the structural strength and viscosity of substances such as drilling fluid. Covering 100,000m², BioChem's plant, the first of its kind in the GCC and MENA region, is forecasted to produce 20 kilotons of xanthan gum a year. It will form part of SPARK's chemical sector and is expected to support the Kingdom's ambitions for a thriving economy, in alignment with Vision 2030.
MAN Industries, a global leader in the line pipe industry, will set up a 360,000 m² facility at SPARK through a letter of intent signed with Projects Vice President, Hardik Shah. The facility will produce large diameter carbon steel pipes and offer anti-corrosion coatings, boosting the metal processing sector in Saudi Arabia.
Local player, Primetech International Company, manufactures a wide range of oilfield equipment. In a letter of intent signed with Operations Manager, Kiran Kumar, Primetech will aim to expand globally, in line with the Kingdom's ambitions to diversify its role in the energy services sector. Its SPARK facility will produce blow out preventors and manifolds, enhancing the Kingdom's 'Saudi Made' brand worldwide.
Thermocables, a leading manufacturer of specialty cables, will focus on high-quality cable production at its 10,000 m² SPARK manufacturing hub, following a signing with Chairman, Chetan Ghurka.
Dalipal Holdings Chairman, Meng Fanyong, signed a letter of intent for the manufacturer of specialized oil country tubular goods to produce seamless steel pipes at its SPARK facility. This plant will occupy over 1,000,000 m² and serve the Kingdom's energy services sector.
Signing the letters of Intent on the sidelines of ADIPEC, Mishal Al-Zughaibi, President and CEO of SPARK stated, 'We are proud to welcome these industry leaders as tenants at SPARK. The letters of intent signed today underscore our commitment to fostering industrial growth and connecting tenants to the Saudi energy sector. This expansion further solidifies SPARK's position as a leading regional industrial ecosystem, driving innovation and sustainable growth.'
These signings represent a significant milestone for SPARK as continues to connect the world to opportunities in the Saudi energy sector and beyond and support the goals of Vision 2030 to localize the energy value chain.
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