Saudi-based 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 Company (MASO&G) to set up a manufacturing facility at an investment of SR40 million ($10.65 million) at Spark.
As per the agreement, MASO&G will develop the factory on a 40,000 sq m area within Spark producing corrosion protection tapes made of polyisobutylene (PIB), an environment-friendly viscous compound. In addition, MASO&G will establish an oil tools equipment manufacturing and service centre.
It will contribute towards the development of Spark’s integrated ecosystem in line with its aim of localizing manufacturing while supporting job creation.
"Spark is committed to enabling the production of environmentally friendly products and technologies as part of its ESG commitment," says its President and CEO Saif S Al Qahtani, after signing the deal with MASO&G President Mubarak Abdullah AlSuwaiket.
He says Spark elevates the strength of its world-class integrated ecosystem while facilitating investor’s ambitions through partnerships with tenants who are key players in their industry.
"Ultimately, through the localization of manufacturing, we contribute towards a more sustainable future for the Kingdom and beyond," he adds.
On the strategic deal, AlSuwaiket says: "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."
MASO&G is a subsidiary of AlSuwaiket Trading & Contracting Company. The Company offers infrastructure construction, oil and gas services, agricultural projects, real estate development, travel and tourism, and food processing and trading.