Saudi Aramco lays foundation stone for SAR 26.3 bln Shaheen project in South Korea
Saudi Aramco announced Thursday the laying of the foundation stone for the Shaheen Petrochemical Project in Ulsan, Republic of South Korea.
The project amounts to about 26.5 billion riyals ($7 billion), with the participation of the President of the Republic of South Korea, Yoon Sok Yul, and the President and Chief Executive Officer of Saudi Aramco, Eng. Amin Hassan Al-Nasser.
Aramco stated, in a statement, that the Shaheen project, announced in November 2022, was developed by the (S-Oil) company affiliated with Saudi Aramco.
It is a major part of Saudi Aramco’s strategy to convert crude oil into chemicals.
It is a strategy that has a positive impact on sustainability and reducing carbon emissions.
For his part, Eng. Amin Al-Nasser said, “The Shaheen project is one of Saudi Aramco‘s largest investments at the international level in the field of refining, chemicals, and marketing.
It represents a big and important step forward in the expansion of our liquid-to-chemicals business, and represents another milestone in strengthening our presence in the Republic of Korea.”
The Shaheen project is the first commercial use on a large scale of Saudi Aramco’s technology to convert crude oil into chemicals by thermal cracking, a technology that began to be invented, developed, and patented by researchers in the Kingdom of Saudi Arabia and then developed at a later stage and on a larger scale by Saudi Aramco in cooperation with (Lumus Technologies).
