By: Logistics middle east

King Salman Energy Park (SPARK), a premier industrial ecosystem supporting the energy value chain, has signed letters of intent valued at over $800 billion with five prominent manufacturing entities during ADIPEC 2024.

The agreements with BioChem, MAN Industries, Primetech, Thermocables, and Dalipal Holdings are expected to generate more than 3,000 direct and indirect jobs upon completion, enhancing SPARK’s role in localising and expanding the Saudi energy supply chain.

Building a stronger energy ecosystem 

The signed letters of intent represent SPARK’s commitment to fostering industrial development and supporting the Kingdom’s Vision 2030 goals.

In a letter of intent with CEO Mohammed Hayef, BioChem will establish a 100,000 m² facility dedicated to the production of xanthan gum, a critical component of drilling fluids. 

Through an agreement with Projects Vice President Hardik Shah, MAN Industries will set up a 360,000 m² plant to manufacture large-diameter carbon steel pipes with anti-corrosion coatings.

Local player Primetech, an oilfield equipment manufacturer, has signed an agreement with Operations Manager Kiran Kumar. 

Following a signing with Chairman Chetan Ghurka, Thermocables will establish a 10,000 m² hub focused on high-quality specialty cable production.

Chairman Meng Fanyong signed an agreement to develop a 1,000,000 m² facility for seamless steel pipe production, catering to Saudi Arabia’s oil and gas sector.

Advancing Vision 2030 

Commenting on the signings, 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.”