Saudi Aramco has revealed its largest-ever investment in South Korea for a project to develop a world-class integrated petrochemical steam cracking plant through its subsidiary (S-Oil).
Sharjah 24 – SPA:
Saudi Aramco announced its largest-ever investment in South Korea for a project to develop a world-class integrated steam cracker plant for petrochemicals through its subsidiary (S-Oil).
The project, known as Shaheen, worth 26 billion Saudi riyals ($7 billion), aims to use innovative technology for the first time to convert crude oil into petrochemical feedstocks, reducing chemical production and cutting costs operational, and this project comes after an earlier investment of $4 billion in the first phase of the petrochemical expansion project that was completed in 2018.
The new project is located at the current site of the Ulsan (S-Oil) complex and has a production capacity of up to 3.2 million tons of petrochemicals per year and will include a plant for the production of high value . The project is expected to start in 2023 and be completed by 2026.
The steam cracking plant is expected to process byproducts of ore processing, including naphtha and refinery gas, into ethylene, a petrochemical component used to make thousands of everyday items. The project is also expected to produce propylene, butadiene and other essential chemicals.
