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17-11-22
Saudi Aramco to invest USD7B into largest petchem deal in South Korea
(MENAFN) Saudi Aramco prepares for a USD7-billion funds at a South Korean affiliate’s workshop in the port city of Ulsan to turn out additional high-value petrochemical outputs, as announced by the Saudi firm on Thursday.
The venture, under the name of Shaheen, is the Saudi company’s largest investment in the Asian country to improve one of the glob’s biggest refinery-integrated petrochemical steam crackers, Aramco mentioned in an announcement.
Saudi Aramco possesses higher than 63 percent of South Korean refiner S-Oil Corp.
Building of the additional plant is going to start next year and be finished with the next 4 years (2026). It is going to have an output volume of higher than 3.2 million tons on a yearly basis, in line with a facility to output high-value polymers, Aramco reported.
The steam cracker is anticipated to process by-outputs from crude processing, such as naphtha as well as off-gas, to make ethylene, on top of that it is also projected to manufacture propylene, butadiene in addition to other basic chemicals.
MENAFN17112022000045014228ID1105196337
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