Saudi Arabia will soon launch the King Salman Energy Park (SPARK) project, Energy Minister Khalid Al-Falih told Al-Arabiya TV on Monday, without further details.
Upon inauguration, several agreements and memorandums of understanding will be inked by state-run Saudi Aramco and Saudi Basic Industries Corp (SABIC) with other service producers and manufacturers in the energy sector.
The megaproject will be located between the Eastern Province cities of Dammam and Al-Hasa, allowing access to a large pool of local manpower, Argaam earlier reported.
The total area of the energy park is planned to be 50 square kilometers and will be developed in three phases, expected to be completed by 2035. Construction works on phase one will be completed in 2021.
Commenting on Saudi Aramco’s In-Kingdom Total Value Add (IKTVA) program, Al-Falih added that the localization initiative will help build a supply chain in the oil and gas sector, placing Saudi Arabia as a platform for technical services in the Middle East.
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