Aramco lays foundation stone for SAR 26.3 bln Shaheen project in South Korea

Officials during laying the foundation stone of Shaheen Petrochemical project

Saudi Arabian Oil Co. (Saudi Aramco) laid the foundation stone of Shaheen petrochemical project in Ulsan, South Korea, at a total value of SAR 26.25 billion ($7 billion).

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, which was developed in collaboration with Lummus Technology, the company said in a statement.

The project, which was announced in November 2022, is being developed by Aramco’s affiliate S-OIL and is a key part of Aramco’s regional crude-to-chemicals strategy, the statement added.

Amin Nasser, Aramco President & CEO, said that Shaheen is among Aramco’s biggest international downstream investments, representing a significant and sizeable step forward in its liquids-to-chemicals expansion and another major milestone in further strengthening the company’s presence in Korea.

In November 2022, Saudi Aramco announced its biggest ever investment in South Korea to develop one of the world’s largest refinery-integrated petrochemical steam crackers through its S-OIL affiliate, Argaam reported earlier.