Saudi Aramco President and CEO Amin Nasser and South Korean President Yoon today attended the groundbreaking ceremony for the $7 billion Shaheen petrochemical project in Ulsan, South Korea.
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.
“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,” Nasser noted in a statement.
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.
