Home » Business » Aramco is injecting $7 billion into a subsidiary in South Korea

Aramco is injecting $7 billion into a subsidiary in South Korea

aramco In a statement, the project, which bears the Shaheen name, is the Saudi company’s largest investment in the Asian country to develop one of the largest integrated petrochemical steam cracking refineries in the world.

Saudi Aramco owns more than 63% of the South Korean refinery Soil.

Aramco said construction on the new plant will begin in 2023 and be completed by 2026. It will have a production capacity of 3.2 million tons per year, along with a facility to produce high-value polymers.

The steam cracker is expected to process ore processing by-products, including naphtha and undergas, to produce ethylene, and is also expected to produce propylene, butadiene and other commodity chemicals.

Aramco said that upon completion of the project, production could double Soil chemical by volume at 25 percent.

The managing director aWho is Nasser? In the statement, the growth in global demand for petrochemicals "An acceleration is expected, driven in part by the increase in consumption in emerging economies Asia".

He added that the project is well positioned to meet growing demand from Asian industries.

The announcement of the project comes in conjunction with a visit Saudi Crown Prince Prince Mohammed bin Salman in South Korea on Thursday.

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reported aramco In a statement, the project, which bears the Shaheen name, is the Saudi company’s largest investment in the Asian country to develop one of the largest integrated petrochemical steam cracking refineries in the world.

Saudi Aramco owns more than 63% of the South Korean refinery Soil.

Aramco said construction on the new plant will begin in 2023 and be completed by 2026. It will have a production capacity of 3.2 million tons per year, along with a facility to produce high-value polymers.

The steam cracker is expected to process ore processing by-products, including naphtha and undergas, to produce ethylene, and is also expected to produce propylene, butadiene and other commodity chemicals.

Aramco said that upon completion of the project, production could double Soil chemical by volume at 25 percent.

The managing director aWho is Nasser? In the press release, the growth in global demand for petrochemical products “is expected to accelerate, also driven by higher consumption in emerging economies in Asia“.

He added that the project is well positioned to meet growing demand from Asian industries.

The announcement of the project comes in conjunction with a visit Saudi Crown Prince Prince Mohammed bin Salman in South Korea on Thursday.

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