Accord Signed on Energy Park

DHAHRAN, August 08, SPA -- Saudi Aramco and the Oilfields Service
Contracting Co. (OSCC) recently signed a Memorandum of Understanding
(MOU) aimed at promoting cooperation on the establishment of an
Energy Park in Dammam.

The MOU underscores Saudi Aramco’s commitment to building the local
economy by facilitating the formation of oil and gas equipment
manufacturing and services facilities in the Kingdom, according to a
latest press release of Saudi Aramco.

OSCC will plan, build, own and operate the Energy Park, which is
considered the first project of its kind in Saudi Arabia to use the
Common User Supply Base concept. Under that concept, OSCC will make
available full-service logistical capabilities, leaving clients to
focus on their core business.



The project will be built on 1.5 million square meters of land at
Dammam’s Second Industrial City, with an estimated investment of
about $250 million, the press release disclosed.

OSCC will attract international, regional and local oil and gas
service companies as well as power-generation companies that will
build facilities at the Energy Park.

The Energy Park is planned and designed as a self-contained
industrial park with different zones including industrial,
residential, educational and other community services. Special
emphasis is being placed on the manufacture of oil-industry
equipment.

More than 120 manufacturing, workshop and material storage
facilities are expected to occupy the park, which when completed will
create nearly 2,000 jobs. OSCC plans to start commercial operations
of the park by mid-2011.

--SPA