Aramco said in a statement that the project, which bears the name Shaheen, is the largest investment of the Saudi company in the Asian country to develop one of the largest integrated steam fracture refineries in the world.
Saudi Aramco owns more than 63 percent of the South Korean refining company S Oil.
Aramco said that the construction of the new factory will start in 2023 and be completed by 2026. Its production capacity will reach 3.
2 million tons annually, along with a high -value production facility.
The steam fracture unit is expected to process secondary products resulting from ore treatment, including Nfta and secondary gases, for ethylene manufacturing, and is also expected to produce propylene, stadium and other basic chemicals.
Aramco said that upon completion of the project, the S -chemical production of the size may double to 25 percent.
CEO Amin Al -Nasser said in the statement that the growth of global demand for petrochemicals “is expected to accelerate partially driven by the high consumption of emerging economies in Asia. ”
He added that the project is in a good position to meet the increasing demand from Asian industries.
The announcement of the project comes in conjunction with the visit of Saudi Crown Prince Mohammed bin Salman to South Korea on Thursday..
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