Aramco announces $7 bn Shaheen project

Project expected to start in 2023 and be completed by 2026
Aramco announces $7 bn Shaheen project
Aramco collaborates with South Korea on world's largest petrochemical project

Saudi oil giant Aramco announced today that the company is making 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 maximize the crude to the chemicals value chain.

The $7 billion Shaheen project aims to convert crude oil into petrochemical feedstock and would represent the first commercialization of Aramco and Lummus Technology’s TC2C thermal crude to chemicals technology, which increases chemical yield and reduces operating costs.

The announcement follows an earlier $4 billion investment into the first phase of the petrochemical expansion completed in 2018.

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