Saudi Aramco received the approval of the Saudi government to set up two new companies that will develop and operate a new Energy Industrial City in Saudi Arabia, as the kingdom seeks to expand its industrial base, state news agency SPA reported on Monday. The city will be developed over 50-square km of land in the oil producing region, SPA said quoting a cabinet statement. An earlier report said the city will be close to Abqaiq and will develop energy-related industries. “The government approved Aramco’s offer to set up a developer that will undertake laying out the infrastructure of the city, manage its fixed assets.” This company will eventually own the fixed assets in the city. Aramco will also set up another company to handle operations and maintenance of the city. SPA did not provide further details on the Energy Industrial City which have been in Aramco’s plans for […]