South Korea’s DL E&C announced that it has taken over a 26% stake in package 1 construction of Shaheen Project from Hyundai E&C consortium. The construction period is 42 months, and the project is scheduled to be completed in 2026.
In November 2022, 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, in line with the company’s strategy to maximise the crude to chemicals value chain.
Hyundai E&C, Hyundai Engineering, Lotte E&C, and DL E&C are key contractors in the project, which seeks to increase petrochemical products’ output ratio from 12% to 25% by building oil refining and petrochemical facilities in the Ulsan Onsan National Industrial Complex.
DL E&C noted in a press release that the construction is the first attempt in the world, which requires advanced design technological capabilities. Various high temperature and pressure facilities need to be set up, and experience in carrying out the relevant project is essential. DL E&C will work on the project based on its experience gained from Saudi Arabia’s Yanbu oil refinery and Oman’s Sohar refinery improvement projects.
“We will prove our technological and project performing capabilities built up in many parts of the world through Korea’s largest petrochemical project. We will do our very best to commercialize the TC2C technology for the first time in the world by concentrating our EPC performing competence,” an official from DL E&C said.