SPARK and Kuwait's NAPESCO plan $100 million investment in oil and gas facility
The facility will manufacture downhole tools, gyroscopes, and other oilfield equipment
Saudi Arabia's King Salman Energy Park (SPARK) and Kuwait's National Petroleum Services Company (NAPESCO) have agreed to invest $100 million (SAR 375 million) to open an oilfield services equipment facility.
SPARK tweeted that the facility will manufacture downhole tools, gyroscopes, and other oilfield equipment. It recently signed another deal with Target United Energy to invest in another oilfield equipment and services facility.
The construction of Phase 1 of SPARK reached 60% in July 2020, and the project is slated to be completed by 2021.
The park has investments worth $1.6 billion (SAR 6 billion), and is expected to add $5.8 billion (SAR 21.8 billion) to Saudi Arabia's gross domestic product by 2035.