South Korean President Yoon Seok Yul laid the foundation stone for the joint Shaheen project with Saudi Arabia, stressing that it is “the largest investment in the history of petrochemicals” in the country.
The Shaheen project for S-Oil aims to build a large-scale petrochemical plant at the Unsan Industrial Complex in Ulsan, 307 kilometers southeast of Seoul.
During the groundbreaking ceremony, Yoon called the launch of the project a major achievement in economic diplomacy between South Korea and Saudi Arabia and said it was the largest investment in the history of petrochemicals in the country and Saudi Arabia.
He referred to the application of the world’s first modern process in the project, which increases the yield of naphtha extracted from crude oil by more than 3 times, stating that in 3 years the enterprise will produce high value-added petrochemical products and will supply raw materials, necessary for the local industry, and export it all over the world.
Yonhap reported that the investment in the Shaheen project amounted to 9.3 trillion won, which is the largest foreign investment in a single industry ever.
The two sides signed memorandums of understanding worth $29 billion last November on the occasion of Saudi Crown Prince Mohammed bin Salman’s visit to South Korea.