EXCLUSIVE: Saudi Aramco to host investors conference for energy park project

03 September 2018
Saudi energy giant will offer potential tenants investment opportunities in Spark

Saudi Aramco is planning to host an event on 26 and 27 November to promote its upcoming King Salman Energy Park (Spark) industrial project, and to showcase potential opportunities to investors.

Aramco was granted a license by the Saudi Industrial Property Authority (Modon) in July to develop Spark, which was previously known as Abqaiq Energy City, in the kingdom’s Eastern Province, between Dammam and Al-Hasa.

Aramco is looking to organise the event at the Dhahran Expo Centre, alongside the IKTVA Forum & Exhibition, a source has told MEED.

Oil and gas companies looking to set foot in Saudi Arabia or expand their business in the kingdom are expected to attend the Spark investors conference. However the list of potential investors participating has not been drawn up, the source said.

Saudi Energy Minister Khalid al-Falih and Aramco’s CEO Amin Nasser will be attending.

“Engaging potential tenants and industry influencers; attracting new investors by offering investment opportunities for building the commercial and residential infrastructure; showcase Saudi Aramco’s role in building a vibrant energy services sector,” are Aramco’s stated goals to take away from the event, according to the source.

Aramco is also the anchor tenant in the mega industrial complex.

Major energy services firms Schlumberger, Baker Hughes and Oilfields Supply Company Saudi, have already signed memorandums of understanding with Aramco for setting up potential units within the park.

Architectural design for the project is understood to be completed.

A symbolic groundbreaking ceremony has also been scheduled to take place as part of the investors conference, the source said.

The total area of the energy park is planned to be more than 50 square kilometres and will be developed in three phases, expected to be completed by 2035. Construction of phase 1 will be completed in 2021.

The total cost of developing the project is not known.

Once wholly developed by 2035, the complex is estimate to contribute $6bn annually to the kingdom’s GDP, as well as help localise more than 300 new industrial and services facilities.

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