Aramco signs 22-year deal as anchor tenant at King Salman Energy Park
Company brings in Horizon Project Company Ltd. For build, own, operate, and transfer building and facilities.
Aramco and Horizon Project Company Ltd. signed a 22-year contract to build, own, operate, and transfer (BOOT) an office building and related industrial facilities at King Salman Energy Park (SPARK). Horizon is jointly owned by the Alfouzan Alsabiq Holding Company and the Almutlaq Real Estate Investment Company.
The office building and industrial facilities will position Aramco as an anchor tenant in SPARK, and illustrates the company’s interest in working with key public-private partnership developers in line with Saudi Vision 2030. The office building and industrial facilities, scheduled to be completed by June 2023, will cater to around 1,200 employees and contractors in Aramco’s Drilling & Workover Services Department.
Waleed A. Al-Saif, executive director of New Business Development, said, “These new facilities at SPARK will support Aramco’s drilling operations through new warehouses, industrial shops, staging yards, and other support facilities. The project will be part of an integrated ecosystem for the energy sector where SPARK captures the full economic value of demand for energy related goods.”
Speaking at the contract signing, Omar S. Al Husaini, then general manager of Northern Area Drilling & Workover Operations, said the agreement demonstrated a long-term partnership. “[It] is part of our key strategic planning for our service operations to be centralized, and for Drilling & Workover to be one of the key tenants at the energy hub where we attract, synergize, and pave the way for other oil field service entities to be established in a collaborative setting.”
Mohammed Alfantoukh, chairman of Horizon and CEO of the Alfouzan Alsabiq Holding Company, commented, “This ceremony today, and our BOOT investment with Aramco and SPARK, speaks loud on behalf of Aramco and shows its role in crowning private investment.”
Omar Al-Khudairi, CEO of Almutlaq Group (AMG) and managing director of Almutlaq Real Estate Investment Company, commented, “AMG is pleased that Horizon Project Company Ltd. was awarded by Aramco to lead this important facility in the iconic SPARK.”