Nearly 80 per cent of the work on the infrastructure, land paving, road construction, service delivery and administrative office buildings within Phase One of King Salman Energy Park (Spark), the region’s only fully integrated energy hub, has been completed, reported Arab News.
This announcement coincides with the completion of a project connecting the city to the main Shedgum Gas Plant, 64 km away, allowing Spark to meet the electric power needs of its investors.
Phase One is due for completion later this year, said the report. Its near-completion means that the allotted land is now ready for investment, and 35 investment applications have been approved for companies and their support services, stated the report.
Contracts have already been signed with 23 other companies. Early this month, Spark had inked two strategic agreements with the Industrialization and Energy Services Company (Taqa) and the Arab Minerals Company (Amco).
Under the agreement, Taqa is seeking to expand its local operations through the Taqa Industrial Complex, with an initial investment of up to SR300 million ($80 million). Amco is investing SR260 million to develop a new centre in the city, stated the report, citing a top official.
Chairman Dr Muhammad Yahya Al Qahtani said the investments of the project’s first phase would form a ‘global gateway’ to the regional energy sector, amounting to approximately SR6 billion.
“Despite the challenges and exceptional circumstances that have occurred as a result of the pandemic, we were able to achieve more progress in construction operations in line with the goals set.”