State-owned oil company Saudi Aramco has signed a memorandum of understanding with Oilfield Service Contracting Company (Oscc) to establish a new energy park in the Eastern Province city of Dammam.
Oscc will plan, build, own and operate the energy park. It will be built on 1.5 million square kilometres of land at Dammam's second industrial city with an estimated investment of $250m.
Aramco says 120 manufacturing, workshop and material storage facilities are expected within the park with commercial operations to start by mid-2011. Up to 2,000 jobs will be created from the energy park venture.
Oscc says it will target oil and gas service companies and power generation firms to build facilities at the park with an emphasis on the manufacture of oil industry equipment.
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