Energy Aramco advances $7bn South Korea petrochemicals project By Pramod Kumar March 10, 2023, 5:25 AM Saudi Aramco South Korean President Yoon (centre) and Aramco President & CEO Amin Nasser at the groundbreaking ceremony of the Shaheen project in Ulsan, South Korea Saudi Aramco has broken ground on the $7 billion Shaheen petrochemical project, one of the largest integrated steam crackers in the world, in Ulsan, South Korea. The Shaheen project, announced in November 2022, is being developed by Aramco affiliate S-OIL and is considered an important part of Aramco’s regional crude-to-chemicals strategy, the oil major said in a statement. South Korean President Yoon Suk-yeol and Aramco president and CEO Amin H. Nasser were present at the groundbreaking ceremony. Located at S-Oil’s existing site in Ulsan, the new plant is planned to have the capacity to produce up to 3.2 million tons of petrochemicals annually and include a facility to produce high-value polymers. The project is expected to be completed by 2026. It aims to convert crude oil into petrochemical feedstock and will represent the first commercialisation of Aramco and Lummus Technology’s TC2C thermal crude to chemicals technology, which will increase chemical yield and reduces operating costs. Upon project completion, S-OIL chemical yield based on volume will almost double to 25 percent, expanding Aramco’s liquids to chemicals capacity to up to four million barrels per day. Aramco holds a more than 63 percent stake in S-OIL through its Aramco Overseas Company BV subsidiary.
Markets Oman’s Asyad Group plans IPO of shipping unit Asyad Group, a logistics business owned by Oman’s sovereign wealth fund, has announced plans to float its shipping unit on the Muscat stock exchange. At least 20 percent of Asyad Shipping Company will be sold in the initial public offering. The Asyad IPO will be divided into two tranches. The first is 75 percent of […] 1 hour ago
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Industry Almarai to increase poultry output by 35% Almarai, the Middle East dairy and food production group, announced plans to increase its poultry output by 35 percent this year as it continues with its multi-billion-dollar expansion plans. The Riyadh company reported fourth-quarter profit of SAR430 million ($115 million), an increase of 16 percent, as revenue rose 4.8 percent to SAR5.15 billion. It announced a […] 1 hour ago
Construction German company to assess proposed Spain-Morocco tunnel A German-owned company has been awarded a contract to conduct a feasibility study on building an undersea railway tunnel between Morocco and Spain, the latest indication that the long-stalled plan could become reality. If built, the tunnel would be one of the longest of its kind worldwide and would make transporting goods and people between […] 2 hours ago
