Dubai-based Oilfields Supply Center Limited (OSC) said it has awarded the construction contract for its new base coming up within King Salman Energy Park (Spark) at a total investment of $570 million.
OSC is a Dubai government entity which was established in the early 1960s primarily focused on the upstream oil and gas industry for the Middle East and North Africa (Mena) region. It also has operations in Malaysia.
In addition to its main activities of oilfield logistics services, the company also has a strong manufacturing orientation again with its focus on the upstream industry.
OSC also manufactures pressure vessels, heat exchangers and skid-mounted gas compression packages for both oil and gas and process industries.
Lauding the decision, Spark Chairman Dr Mohammad Yahya Al Qahtani said: "Strategically located at the heart of the region’s energy market, we are focused on providing investors with ease of access to the demand for energy good and services. The OSC supply base is a key component of this strategy to create a favourable environment for international and local companies as well as SMEs to accelerate the localisation in Saudi Arabia."
"OSC is providing pre-built industrial solutions which de-risk the set-up phase for investors and give them flexibility to rent industrial facilities and workshops on demand in addition to providing a full set of supporting services. The base is expected to create thousands of jobs in the energy fields," noted Al Qahtani.
For the Dubai company, the prime focus is the development and operation of oilfield logistics bases and currently within the emirate, it has a footprint of almost 11 million sq ft situated in the Jebel Ali Free Zone, TechnoPark and Dubai Industrial City.
OSC Director and Corporate Affairs General Manger Iqbal Mohammad Abedin said: "Reaching this vital milestone has been the focus of all our efforts. It cements our commitment to realizing our business at Spark and enabling local content for all companies wanting to do business in Saudi Arabia."
"We believe this builds on momentum and contributes to a vibrant and world-class ecosystem. We have previously seen significant interest from international companies and Small and Medium Enterprises (SMEs), and following the award we anticipate increased demand for our industrial facilities, with all phases of work to be completed by the fourth quarter of 2023," he stated.
Abedin said the creation of an oil and gas supply base on site at Spark, the region’s only fully-integrated energy hub, is another example of how the project complements Aramco’s In-Kingdom Total Value Add (iktva) programme, which encourages the development of a diverse, sustainable and globally competitive energy sector in the kingdom.
"OSC’s initial investment of $570 million is expected to contribute to further value creation, as it creates and maintains the oil and gas supply base and provides pre-built solutions for investors and partners of all sizes," he added.-TradeArabia News Service