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Aramco Lays $7 Billion Foundation Stone for Shaheen Project in South Korea

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Ziad Najjar
Ziad Najjar is an Egyptian author who studied business and finance in the United States and has a keen interest in media. He combines his expertise in these fields to create informative and engaging works accessible to a broad audience.

Saudi Aramco announced the groundbreaking of the Shaheen petrochemical project in Ulsan, South Korea, at a cost of about 26.5 billion riyals ($7 billion).

The groundbreaking process was attended by South Korean President Yoon Seok Yul and Saudi Aramco President and CEO Engineer Amin Hassan Al-Nasser.

And Aramco said in a statement that the Shaheen Project, which was announced in November 2022, was developed by S-Oil, a Saudi Aramco affiliate, as it is a core part of Aramco’s strategy to turn crude oil into chemicals. which is a strategy that has a positive impact on sustainability and carbon reduction.

For its part, the Korean Yonhap news agency said that this is the largest project in terms of foreign investment in South Korea.

The ceremony was attended by about 300 officials, led by Industry, Commerce and Energy Minister Lee Chang Yang, Ulsan Mayor Kim Do Kyum and S-Oil CEO Hussein Al Qahtani.

The Shaheen Project, a Phase 2 petrochemical project being implemented by S-Oil, is costing 9.3 trillion won ($7 billion) to rebuild petrochemical facilities, including a steam cracker.

The Unsan Industrial Park project in Ulsan is expected to be completed by June 2026.

The Shaheen project will build a steam cracker and other facilities for the production of petrochemical feedstocks such as ethylene, plastic naphtha and other synthetic resins.

Source: Saudi media + Yonhap

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