President Yoon Suk Yeol of the Republic of Korea and Aramco President and CEO Amin H. Nasser today attended the groundbreaking ceremony for the 7 billion US dollars Shaheen petrochemical project in Ulsan, Korea. Ministers and senior officials from both countries also attended the milestone event. The Shaheen project, announced in November 2022, is being developed by Aramco affiliate S-OIL and is a vital part of Aramco's regional crude-to-chemicals strategy. Amin H. Nasser, Aramco President & CEO, said: "We are deeply honoured by the presence of 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 most prominent 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.
