Saudi authorities have announced the signing of a key investment contract with Unigaz Arabia for the development of an integrated gas storage, filling and distribution plant in the kingdom's Hail region, reported Saudi Press Agency.

The agreement for the SAR70 million ($18.5 million) project was signed today (September 16) in the presence of Hail Region Governor Prince Abdulaziz bin Saad bin Abdulaziz at his office. 

Unigaz, a pioneer in the LPG industry, is an active developer, investor and operator in the gas sector with powerful presence in the GCC and the Middle East region.

As per the deal,  Unigaz Arabia will be responsible for the development, investment, management as well as operation and maintenance of the project which will come up on a 200,000 sq m area. 

Prince Abdulaziz underscored the importance of such industrial investments in advancing regional economic development, creating employment opportunities for local youth, and expanding private-sector participation in municipal and public services, stated the SPA report.

The plant will serve as a modern logistics hub to meet residential and commercial gas needs in Hail while creating employment opportunities for local talent, it added.