SPARK Joins OSC for $450mln Biz Incubator

Laxman Pai
Monday, July 15, 2019

Saudi Aramco's King Salman Energy Park (SPARK) and Dubai-based Oilfields Supply Center Ltd. (OSC) signed an agreement to establish OSC as an anchor tenant at SPARK.

OSC will develop a business incubator called the Common User Supply Base (CUSB) in collaboration with Saudi Aramco, to support the oil and gas industry in the Kingdom and the region, as well as help accelerate the growth of small and medium-sized enterprises (SMEs) in the energy sector.

OSC plans to invest around USD 450 million over the next two years, contributing to SPARK’s objective of localizing more than 300 new industrial and service facilities.

The center will be the first of its kind in Saudi Arabia and the largest in the region with a footprint of over 1 million square meters and a potential expansion of an additional 500,000 square meters.

Commenting on the agreement, Saudi Aramco President & CEO Amin H. Nasser, said: “OSC’s investment marks an important step in SPARK’s journey to become an integrated energy, industrial, technology and services hub. It will contribute to supply chain localization, boost job creation and support the overall advancement of the Kingdom’s energy sector.“

“OSC‘s investment in SPARK and collaboration with Saudi Aramco will position the project as a major enabler for oil and gas manufacturing and service companies and related SMEs,“ said Iqbal Mohammad Abedin, Director and General Manager Corporate Affairs of Oilfields Supply Center Ltd.

Categories: People & Company News Legal Finance Energy

Related Stories

PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia

Yinson Production Secures $1.17B Refinancing for FPSO Maria Quitéria

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

French Oil Major Acquires Interests in Multiple Blocks in Southeast Asia

Fugro Expands Geotechnical Testing Capabilities in Indonesia

CNOOC Starts Production at Offshore Field in South China Sea

CDWE Wraps Up Pin Pile Installation Job for Taiwanese Offshore Wind Farm

BP Expands Oil and Gas Scope in Azerbaijan with New Projects and Exploration Rights

Woodside to Shed Some Trinidad and Tobago Assets for $206M

Current News

PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia

Yinson Production Secures $1.17B Refinancing for FPSO Maria Quitéria

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com