S-Oil's $7-B Shaheen petrochemical complex is on track for 1H 2026 start
S-Oil's $7-B Shaheen petrochemical project in Ulsan, South Korea, is progressing and is expected to be completed by the first half of 2026. The plant, which is currently 55% finished, is set to officially begin operations in the second half of 2025. This project represents the largest foreign investment in a single venture in Korea and is backed by Saudi Arabia's Aramco, which holds a 63.4% stake in S-Oil. Once completed, the plant will produce significant quantities of ethylene, propylene, and butadiene, crucial raw materials for the plastic and synthetic materials industries.
The project will provide a stable and efficient supply of essential petrochemical feedstocks to local businesses in South Korea through a dedicated pipeline, saving on transportation costs and fostering a competitive industry cluster. S-Oil’s efforts also include building a thermal crude-to-chemicals facility and a steam cracker in the same area, which will further enhance the integration of petrochemical production. The overall initiative is expected to strengthen South Korea’s industrial competitiveness and contribute positively to the local economy in the long term.
This article was first reported by Korea JoongAng Daily: https://koreajoongangdaily.joins.com/news/2025-02-17/business/industry/SOil-says-Ulsan-7-billion-petrochemical-project-is-55-percent-complete/2243820
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