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Saudi Aramco said it will invest $7 billion to build a steam cracker in South Korea that will mark the first commercial use of the company's crude-to-chemicals technology. The cracker will be integrated with the existing S-Oil refinery in Ulsan, South Korea, which is 63% owned by Aramco and has a capacity of 650,000 b/d. The so-called Shaheen project will make petrochemical feedstock and be capable of producing 3.2 million tons/yr of petrochemicals, including high-value polymers. The cracker will convert crude oil into petrochemical feedstock utilizing the TC2C crude-to-chemicals technology developed by Aramco and Lummus. The Saudi oil giant said this will nearly double S-Oil's chemical yield to 25% once the cracker comes on line and reduce capital spending and operating costs by 30%-40% compared with conventional processes. Engineering, procurement and construction work on the project is expected to start in 2023, with mechanical completion due in the first half of 2026.

Chemicals, Corporate Strategy , Capital Spending, NOCs
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