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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.

Topics:
Chemicals, Corporate Strategy , Capital Spending, NOCs
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