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Borets announced key localization investment in King Salman Energy Park (SPARK) Saudi Arabia
04 March, 2020
Borets International through its Joint Venture company Sawafi-Borets signed a key investment commitment with King Salman Energy Park (SPARK). Sawafi-Borets will develop factory and service center at SPARK to serve the oil & gas and energy sector in the Kingdom of Saudi Arabia and the GCC.
The agreement was signed at the IKTVA 2020 Forum and Exhibition at the Dhahran Expo Center in presence of King Salman Energy Park’s Chairman Dr. Mohammed Y. Al Qahtani. It was signed by Rami Al Turki representing Sawafi-Borets and witnessed by Borets International CEO Vlad Kondratiev.
SPARK President & CEO Saif Al Qahtani commented on the occasion, saying: “We are delighted to announce these new partnerships with both local and international investors. This represents a significant contribution to localizing value creation through dedicated industrial development, as part of the Kingdom’s Vision 2030.”
Sawafi-Borets will start the project in 2020. It is the company’s vision to develop the facility into a large manufacturing facility and distribution center for ESP services in the region and boost exports of equipment from the Kingdom. In addition to the assembly, test, and repair functionality of the ESP service center, the company plans to develop unique manufacturing capabilities locally in the Kingdom by implementing motor manufacturing localization, advanced testing facility, and special equipment assembly.
The total investment over 5 years of manufacturing localization is estimated at $30 million. Facility has an area of 21 000 m2. When it is fully functional, the manufacturing facility is expected to employ up to 100 employees.
SPARK will provide ultramodern infrastructure that allows its tenants to “plug and play”. It provides full facility management services, water, power, industrial water, high end security, communication infrastructure, logistics facility and dry port, and a link to the national railway.
This key investment commitment marks a new chapter for Borets International in the Kingdom.