DUBAI: Wa’ed, the investment unit of Aramco, has signed a SR3.75 million financing deal for a factory in Jubail that will produce an essential compound used in the oil and gas drilling process.
Jubail-based startup SICCO is building the factory for calcium bromide, a clear liquid used to regulate wellbore pressure in onshore and offshore oil and gas wells, it explained in a statement.
It plans to make up to 4,000 tons of the compounds annually at the 15,000 square meter plant.
Calcium bromide is typically imported from China, Russia, and India, SICCO founder Meshari Al-Subaiei said, and their project will make the first supplier of the compound in the Kingdom.
“SICCO is immensely proud to be playing such a vital role in supply chain localization with this initiative and have our sights on cross-GCC expansion and further chemical diversification,” he added.
SICCO is one of 10 chemicals companies in Wa’ed’s portfolio of 72 loan-funded start-ups.
