Riyadh – Mubasher: King Salman Energy Park (SPARK) has sealed a SAR 40 million agreement with Mubarak A. AlSuwaiket and Sons Oil & Gas Services Co. (MASO&G), a subsidiary of AlSuwaiket Trading & Contracting Company.
Under the agreement, MASO&G will develop a factory in SPARK to produce corrosion protection tapes made of polyisobutylene (PIB), an environmentally friendly viscous compound, according to a press release on Monday.
Additionally, MASO&G will establish an oil tools equipment manufacturing and service center.
The factory will span an area of 40,000 square meters in SPARK with a capital injection of SAR 40 million over 3 years.
The agreement will contribute toward the development of SPARK’s integrated ecosystem, promoting localization of manufacturing and clean energy production.
The deal was signed by SPARK’s President and CEO, Saif S. Al-Qahtani, and MASO&G’s President, Mubarak Abdullah AlSuwaiket.
