SPARK Global Energy Ecosystem Accelerates Progress as Construction Begins at Baker Hughes Oilfield Services Regional Hub
Baker Hughes joins rollcall of international energy leaders transforming SPARK into gateway to MENA region energy market
KHOBAR, Saudi Arabia, Oct. 26, 2021 /PRNewswire/ -- SPARK, the world-class ecosystem in the heart of the energy market, welcomed Baker Hughes as it broke ground on its Oilfield Services Regional Hub, the largest assembly, maintenance, and overhaul hub the global energy technology company has anywhere in the world. This is the latest in a line of firsts at the SPARK mega project since its launch in 2018 and gives added weight to the energy industrial city's commitment to contributing over $6 billion annually to the Saudi GDP and the creation of thousands of new highly skilled job opportunities.
SPARK's President and CEO, Saif S. Al-Qahtani, stated: "We are delighted to partner with a prominent energy player such as Baker Hughes as they commence construction of this ambitious and impressive regional hub. We commend them for the passion and commitment they bring to our partnership, which creates further momentum as we put in place the infrastructure, support and services that ensure investors of all sizes can easily participate in Saudi Arabia's energy sector."
Since its establishment, SPARK has signed agreements with multiple major international and national energy companies, representing investments worth over $2 billion in less than two years, which is a testament to the trust of its partners. The 300,000 sq m regional hub will support Baker Hughes' Oilfield Services operations and customers across the Middle East, adding further reassurance to SPARK investors that they are joining a world-class energy ecosystem where they will have full access to, and ease of participation in, the energy value chain in Saudi Arabia.
"Baker Hughes is committed to supporting Saudi Vision 2030 and Aramco's iktva program. These programs drive localization through job creation, supply chain development and export enablement, and further emphasize Saudi Arabia's position as a global energy hub," said Lorenzo Simonelli, Chairman and CEO of Baker Hughes. "Today's milestone reflects our continued efforts to transform our core capabilities to ensure we deliver to Saudi Aramco and other regional customers with speed, efficiency and operational excellence."
The facility adds to Baker Hughes' existing presence at SPARK, after construction began in 2020 on "Novel"; Baker Hughes' JV with Aramco to develop and commercialize a broad range of non-metallic products for multiple applications in the energy sector. SPARK aims to advance sustainable innovation in the energy sector by creating a conducive environment to enhance local production and be competitive globally. This mission is integral to the city's design and operations, with a Non-Metallic Hub and Association Center centrally located in the SPARK city masterplan.
About King Salman Energy Park (SPARK)
King Salman Energy Park (SPARK) is a fully integrated industrial ecosystem. SPARK spans an area of 50 square kilometres and is being developed with a vision to become the leading gateway to the regional energy sector, providing a complete spectrum of solutions to support business growth in the Kingdom. SPARK is also the first and only industrial city in the world to achieve silver LEED certification.
SPARK offers infrastructure at international standards for global investors in the oil & gas, refining, petrochemical, power and water production and treatment industries.
Execution is planned over three phases; with the first phase being nearly complete, which consists of infrastructure, roads, utilities and real estate assets established across 14 square kilometres. This is in addition to a dedicated three-square kilometres dry port and logistics zone.
About Baker Hughes
Baker Hughes (NYSE: BKR) is an energy technology company that provides solutions for energy and industrial customers worldwide. Built on a century of experience and with operations in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.
SOURCE King Salman Energy Park (SPARK)
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