Saudi Aramco plans to invest in $7b project of South Korean affiliate S-Oil Corp

Saudi Aramco plans to invest in $7b project of South Korean affiliate S-Oil Corp

Saudi Aramco said on Thursday it plans to invest in a $7 billion project to produce petrochemicals from crude oil at its South Korean affiliate S-Oil Corp’s refining complex in the port city of Ulsan.

The project, named Shaheen, is the Saudi company’s biggest investment in South Korea and will mark the first commercial use of Aramco and Lummus technology to produce chemicals from crude, Aramco said in a statement.

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