The leading Saudi oilfield services provider will develop a manufacturing facility to produce corrosion protection tapes, and establish an oil and gas equipment and manufacturing facility and service center.
The agreement is a testament to SPARK’s attractiveness for investors as a leading industrial ecosystem in the heart of the energy market.
Mubarak A. AlSuwaiket and Sons Oil & Gas Services Co’s presence contributes towards SPARK’S integrated ecosystem, promoting the localization of manufacturing and clean energy production.
Saudi Arabia, 22 August 2022 – King Salman Energy Park (SPARK), the leading industrial ecosystem with sustainability at its core, announced today the signing of an agreement with Mubarak A. AlSuwaiket and Sons Oil & Gas Services Co. (MASO&G) representing SAR 40 million worth of investment in SPARK.
Through the agreement, MASO&G will develop a factory in SPARK producing corrosion protection tapes made of polyisobutylene (PIB), an environmentally friendly viscous compound. In addition, MASO&G will establish an oil tools equipment manufacturing and service center.
The agreement will contribute towards the development of SPARK’s integrated ecosystem in line with its aim of localizing manufacturing while supporting job creation. Furthermore, SPARK is committed to enabling the production of environmentally friendly products and technologies as part of its ESG commitment.
The agreement was signed by SPARK’s President and CEO, Saif S. Al-Qahtani, and MASO&G’s President, Mubarak Abdullah AlSuwaiket.
SPARK’s President and CEO, Saif S. Al-Qahtani, said: “We are pleased to welcome a prominent local oil and gas services provider to SPARK. Through partnerships with tenants who are key players in their industry, we elevate the strength of our world-class integrated ecosystem while facilitating our investor’s ambitions. Ultimately, through the localization of manufacturing, we contribute towards a more sustainable future for the Kingdom and beyond.”
MASO&G’s President, Mubarak Abdullah AlSuwaiket, said: “Our agreement with SPARK is in line with our mission of achieving excellence and a high level of efficiency in our oil and gas domain by providing high quality services. Our investment in SPARK will provide us with a sustainable ecosystem that enables ease of operations and allows us to contribute towards the localization of manufacturing in the Kingdom.”
The factory will occupy an area of 40,000 square meters in SPARK with a capital injection amounting to SAR 40M over 3 years.
MASO&G is a subsidiary of AlSuwaiket Trading & Contracting Company. The Company offers infrastructure construction, oil and gas services, agricultural projects, real estate development, travel and tourism, and food processing and trading.
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About King Salman Energy Park (SPARK)
Spark is the leading industrial ecosystem with sustainability at its core, connecting the world to opportunities in the Saudi energy sector and beyond. As a national Saudi megaproject proudly driving socio-economic impact locally and globally, SPARK is simultaneously catalyzing the Kingdom’s role in the global energy transition while offering a world-class ecosystem in the heart of the energy market for investors and tenants.
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About Mubarak A. AlSuwaiket And Sons Oil & Gas Services Co. (MASO&G)
Mubarak A. AlSuwaiket And Sons Oil & Gas Services Co. (MASO&G), a wholly owned subsidiary of AlSuwaiket Trading & Contracting Co., was established in 1991 by its chairman Mubarak AlSuwaiket. Faithfully reflecting the vision of its owners, MASO&G developed in a short period to take a very noticeable position among the leaders of the oilfield services community in the Middle East.
MASO&G is active in the domains of oilfield drilling, marine vessel chartering, pipeline corrosion prevention coatings, well control services, completion and well intervention tools and services, frac water and produced water recycling, oil sludge and emulsion treatment, oilfield contaminated waste and NORM disposal, oilfield well drilling software, electrical cables coating, predictive maintenance hardware and software.