Saudi Aramco announced in a statement that, Ground Breaking ceremony was held for Shaheen petrochemical project in Ulsan.
South Korean President Yoon and Aramco President & CEO Amin H. Nasser attended the groundbreaking ceremony for the $7 billion Project.
Ministers and senior officials from both countries also attended the milestone event. The Shaheen project, which was announced in November 2022, is being developed by Aramco affiliate S-OIL and is a key part of Aramco’s regional crude to chemicals strategy.
Amin H. Nasser, Aramco President & CEO, said: “We are deeply honored by the presence of His Excellency President Yoon at this historic groundbreaking ceremony. Shaheen is among Aramco’s biggest international downstream investments, representing a significant and sizeable step forward in our liquids-to-chemicals expansion and another major milestone in further strengthening our presence in Korea.”
Shaheen is Aramco’s biggest investment in Korea to date and is expected to be one of the largest integrated steam crackers in the world. It is also the first major commercial deployment of Aramco’s thermal crude to chemicals technology, that was developed in collaboration with Lummus Technology.
The new plant is planned to have the capacity to produce up to 3.2 million tons of petrochemicals annually and include a facility to produce high-value polymers. The project is expected to be completed by 2026.
Related: Saudi Aramco affiliate S-OIL to build $7bn Petrochemical Crackers in South Korea
