ULSAN — South Korean President Yoon Suk-yeol and Aramco President and CEO Amin H. Nasser on Thursday attended the groundbreaking ceremony for the $7 billion Shaheen petrochemical project in Ulsan, South Korea.

Ministers and senior officials from both countries also attended the milestone event. The Shaheen project, which was announced in November 2022, is being developed by Aramco affiliate S-OIL and is a key part of Aramco’s regional crude-to-chemicals strategy.

Amin Nasser, Aramco President & CEO, said: “We are deeply honored by the presence of His Excellency President Yoon at this historic groundbreaking ceremony. Shaheen is among Aramco’s biggest international downstream investments, representing a significant and sizeable step forward in our liquids-to-chemicals expansion and another major milestone in further strengthening our presence in Korea.”

Shaheen is Aramco’s biggest investment in Korea to date and is expected to be one of the largest integrated steam crackers in the world. It is also the first major commercial deployment of Aramco’s thermal crude to chemicals technology, which was developed in collaboration with Lummus Technology. — SG