The Clap
Saudi Aramco (2222) is investing SAR 26 billion to develop a steam cracking facility for integrated petrochemicals in its largest investment ever in South Korea.
What
The project will be known known as “Shaheen” and will be managed by Aramco’s subsidiary S-Oil, a company that uses innovative technology to convert crude oil into petrochemical feedstock.
S-Oil
Aramco is the majority shareholder in South Korean refiner S Oil, holding a 63% stake through its company “Aramco Overseas” (BV).
So What
The project will allow Aramco to process a larger range of raw materials more efficiently.
The project also marks the first large-scale use of Aramco’s technology in converting crude oil into chemicals by thermal cracking.
Now What
The new project is located at the existing site of the S-Oil complex in Ulsan, South Korea.
It is expected to have a capacity to produce up to 3.2 million tons of petrochemicals annually and will also include a facility for the production of high-value polymers.
The project is expected to start in 2023 and be completed by 2026.
