Saudi crown prince launches King Salman Energy Park

Saudi Arabia Crown Prince Mohammed bin Salman established the foundation stone for an upcoming energy zone in the Eastern Province on Monday, reported GulfBusiness.

King Salman Energy Park (Spark) will in the long run range 50 square km among Dammam and Al-Ahsa.

The first stage launched by the royal this week covers 12sqkm and is required to cost SAR6bn ($1.59bn), with a fulfillment due date of 2021. 

Khaled Al-Falih, Saudi energy minister said, that the project planned to support the kingdom's situation as a territorial and worldwide energy center point by creating focused Saudi enterprises and services.

Activities set to happen there include energy exploration and production, refining, processing and marketing, petrochemical and oil production, natural gas, power generation, transmission and distribution, water production, distribution and treatment and Sanitation and treatment, as per to Saudi Press Agency.

Image: GulfBusiness

Spark will be developed, operated, managed and kept up by state oil giant Saudi Aramco and the Saudi Authority for Industrial Cities and Technology Zones (MODON) more than three stages. 

The site traverses five territories altogether with the primary focussed on  general manufacturing, electricity and equipment, liquids and chemicals, metal formation, and industrial services.

A dry port region will have a limit of 8 million metric huge amounts of cargo a year and there will likewise be a Saudi Aramco well-boring and looking after territory, a preparation zone with 10 focuses to instruct Saudi nationals and space committed to private, business and recreational structures. 

The wider zone is s estimate to contribute more than SAR22bn ($5.865bn) to the nation's GDP and make 100,000 immediate and backhanded employments openings when it is finished in 2035. 

Other gains are expected to come in the form of local supporting industries for Aramco’s operational and development needs.

The company is embarking on a local content push to double the percentage of locally produced energy-related goods and services to 70 per cent of spending by 2021.