Aramco to Pump $7 Bn to Develop World's Largest Petrochemical Crackers in S. Korea

Aramco's refinery-integrated petrochemical steam crackers in Saudi Arabia (AP)
Aramco's refinery-integrated petrochemical steam crackers in Saudi Arabia (AP)
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Aramco to Pump $7 Bn to Develop World's Largest Petrochemical Crackers in S. Korea

Aramco's refinery-integrated petrochemical steam crackers in Saudi Arabia (AP)
Aramco's refinery-integrated petrochemical steam crackers in Saudi Arabia (AP)

Saudi Aramco announced it was planning to invest $7 billion in South Korea to develop one of the world's largest refinery-integrated petrochemical steam crackers, which will be established in Ulsan city.

The "Shaheen" project is Aramco's most significant investment in South Korea to develop one of the largest steam crackers to maximize the crude to the chemicals value chain.

Aramco is the majority shareholder of S-OIL, holding more than 63 percent of its shares through its Aramco Overseas Company BV subsidiary. The project is expected to start in 2023 and be completed by 2026.

The new plant is planned to have the capacity to produce up to 3.2 million tons of petrochemicals annually and include a facility to produce high-value polymers.

The steam cracker is expected to process by-products from crude processing, including naphtha and off-gas, to produce ethylene, a building block petrochemical used to make thousands of everyday items.

The plant is also expected to produce propylene, butadiene, and other essential chemicals.

Aramco stated that upon project completion, S-OIL chemical yield based on volume could almost double to 25 percent, demonstrating this cutting-edge technology's impact.

Aramco CEO Amin Nasser announced that the global petrochemical landscape is "rapidly evolving with demand growth anticipated to accelerate, driven in part by rising consumption from Asia's emerging economies."

According to Nasser, Shaheen is well-positioned to meet the rising demand for the materials that will be required across the region's key industries.



Saudi Arabia, Egypt Sign Agreement on Maritime Connectivity at Global Logistics Forum

Saudi Minister of Transport and Logistic Services and Chairman of the Board of Directors of the Transport General Authority Saleh Al-Jasser and Egypt’s Minister of Transport and Industry Lieutenant General Kamel Al-Wazir signed the MoU on the sidelines of the first edition of the Global Logistics Forum in Riyadh. (SPA)
Saudi Minister of Transport and Logistic Services and Chairman of the Board of Directors of the Transport General Authority Saleh Al-Jasser and Egypt’s Minister of Transport and Industry Lieutenant General Kamel Al-Wazir signed the MoU on the sidelines of the first edition of the Global Logistics Forum in Riyadh. (SPA)
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Saudi Arabia, Egypt Sign Agreement on Maritime Connectivity at Global Logistics Forum

Saudi Minister of Transport and Logistic Services and Chairman of the Board of Directors of the Transport General Authority Saleh Al-Jasser and Egypt’s Minister of Transport and Industry Lieutenant General Kamel Al-Wazir signed the MoU on the sidelines of the first edition of the Global Logistics Forum in Riyadh. (SPA)
Saudi Minister of Transport and Logistic Services and Chairman of the Board of Directors of the Transport General Authority Saleh Al-Jasser and Egypt’s Minister of Transport and Industry Lieutenant General Kamel Al-Wazir signed the MoU on the sidelines of the first edition of the Global Logistics Forum in Riyadh. (SPA)

Saudi Arabia and Egypt signed on Monday a memorandum of understanding on maritime connectivity.

Saudi Minister of Transport and Logistic Services and Chairman of the Board of Directors of the Transport General Authority Saleh Al-Jasser and Egypt’s Minister of Transport and Industry Lieutenant General Kamel Al-Wazir signed the MoU on the sidelines of the first edition of the Global Logistics Forum in Riyadh.

The forum is being held from October 12 to 14 under the slogan "Reshaping the Global Map of Logistics".

The MoU will boost cooperation and joint work in maritime connectivity for passenger transport. It stipulates exchange of expertise to qualify specialized cadres in emerging fields, develop the quality and efficiency of maritime transport services, and improve the experience of their beneficiaries.

The areas of cooperation include yacht and marine passenger ship transport activities, as well as passenger ferries.

Attending the forum were ministers and senior officials, leaders of international organizations and industrial unions, as well as experts, academics and analysts.

With 130 speakers and 80 exhibitors representing 30 countries, the forum showcases a wide range of perspectives and expertise.