Saudi Arabia, 16 January 2025 – King Salman Energy Park (SPARK), a world-class industrial ecosystem, announced the signing of several provisional lease agreements with prominent players across the energy sectors during IKTVA 2025. These agreements, valued around SAR 800 million, represent SPARK's commitment to enhancing manufacturing capabilities, creating over 2600 direct and indirect jobs, and driving economic diversification in alignment with Vision 2030.

The agreements include significant land allocations for new manufacturing facilities, collectively covering approximately 400,000 m2, emphasizing SPARK’s role as a leading hub for industrial growth and innovation.

Alkhorayef Petroleum Company, Cross Ocean, SISCO, Petrojet, and Weatherford Energy Service are set to enhance industrial capacity in Saudi Arabia with cutting-edge facilities at SPARK, aligning with Vision 2030's goals. With a focus on innovation, Alkhorayef Petroleum is set to localize the production of Electric Submersible Pump (ESP) cables and vertical turbine pumps, addressing critical supply chain gaps. This initiative will include the manufacturing of ESP Power Cables, ESP Motor Lead Extensions, and ESP Magnet Wire for Motor Windings. Similarly, Cross Ocean, in collaboration with Strohm, will produce advanced Thermoplastic Composite Pipes (TCP) and Reinforced Thermoplastic Pipes (RTP) for oil and gas, hydrogen, and water sectors. Expanding further, SISCO will establish its second facility in Saudi Arabia to produce Fiber Reinforced Plastic (FRP) components like gratings, ladders, and cable trays for marine, energy, and industrial applications. Meanwhile, Petrojet, marking its Saudi debut, will manufacture pressure equipment, steel structures, storage tanks, and spools for the energy sector. In addition, Weatherford Energy Service will establish a state-of-the-art facility to manufacture and service critical oilfield equipment, reinforcing its commitment to local content development. Together, these initiatives will bolster the energy and industrial sectors while advancing local production and innovation.

Signing the provisional lease agreements and Memorandum of Understanding on the sidelines of IKTVA, Mishal I. Al-Zughaibi, President and CEO of SPARK, stated: “We are delighted to partner with these globally recognized industry leaders. These agreements highlight SPARK’s commitment to fostering innovation, accelerating localization efforts, and driving sustainable growth in alignment with Vision 2030. Together, we are advancing the Kingdom’s industrial capabilities and creating significant employment opportunities.”

These signings represent a significant milestone for SPARK as continues to connect the world to opportunities in the Saudi energy sector and beyond and support the goals of Vision 2030 to localize the energy value chain.