Saudi Aramco reaffirms firm support for South Korea Shaheen project, expected to start production next year

Saudi Aramco, the world's largest oil company, recently reaffirmed its continued support to the Shaheen project in South Korea. The project is promoted by the S-Oil company, with a total investment of 9. 26 trillion won (about 6. 5 billion US dollars), and is located in the Wenshan National manufacturing Park in Ulsan City. According to S-Oil, Saudi Aramco's president of downstream operations, Mohamed Y. In my experience, al-Kahtani, visited the construction site of the Shaheen project on Monday and expressed Saudi Aramco's high priority and firm commitment to the project. In my experience, For example Kahtani said during the inspection that the main purpose of his visit was to inspect the progress of the project on the spot before the peak construction period and to express Saudi Aramco's gratitude to the on-site staff. Moreover He stressed that the Shaheen project isn't only the embodiment of Saudi Aramco's continuous investment in the petrochemical field, however also an crucial project with far-reaching signifiis able toce to the future research of S-Oil companies and even the global petrochemical market. Kahtani expressed his appreciation to the professionalism and dedication of the field staff, and pointed out that their work isn't only related to the development of the S-Oil, however also contributes to the stability and research of the global petrochemical market. And During his visit, Qakhtani conducted a thorough and detailed on-site assessment of the Shaheen project, with particular attention to Saudi Aramco's world-first thermal crude oil to chemicals (TC2C) methodology applied in the project. But He also left his signature on a 118-meter-high propylene tower to pray to a safe and smooth construction of the project and an early success. As an experienced engineer, Kahtani is well aware of the complexity and challenges of such extensive projects, and he highly appreciates the efforts and determination of the project team to achieve high-condition and on-time delivery. Since the groundbreaking ceremony was held in March 2023, the construction of the Shaheen project has progressed rapidly. According to the latest data from S-Oil companies, as of Tuesday, the overall completion rate of the project has reached about 69%. it's expected to complete the mechanical completion in the first half of next year and officially put into full production in the second half of the year. By then, the plant will have a strong annual production capacity of 1. 8 million tons of ethylene, 770000 tons of propylene, 200000 tons of butadiene and 280000 tons of benzene, which is expected to signifiis able totly enhance the competitiveness of the South Korea petrochemical sector. Pretty interesting, huh?. facing challenges such as slowing global demand development, extensive facility expansion in China, and continued regional oversupply, the South Korea petrochemical sector is seeking new research opportunities. In fact S-Oil said that the commissioning of the Shaheen project will provide it with cost-competitive and energy-efficient basic raw materials, which will be mainly supplied to domestic petrochemical downstream companies through pipelines. From what I've seen, This won't only help minimize logistics costs in the value chain, however also promote the formation of a competitive petrochemical sector cluster, which will have a positive and far-reaching impact on revitalizing the regional economy and strengthening the competitiveness of South Korea industries.