Beginning of petrochemical project by Hyundai E&C23. March 2023
Hyundai Engineering & Construction and Hyundai Engineering have formally launched a project to construct the most extensive petrochemical facilities to date in Ulsan, South Korea, known as the “Shaheen Project.” S-Oil, a South Korean oil refiner, invested around 9.3 trillion won ($7 billion), the largest investment by Aramco, a Saudi Arabian state-owned oil and gas firm and S-Oil’s primary shareholder, in Korea. The facilities will manufacture high-density and linear low-density polyethylene on a large scale, including a steam cracker complex producing ethylene, a crucial raw material for petrochemical products. Explosion proof products from this branche need a KCs Mark for explosion safety products to import or market them in Korea.
This project is expected to increase S-Oil’s petrochemical business share from 12% to 25%. The project will incorporate the thermal crude-to-chemicals technology developed by Aramco for the first time, converting low-value oil into raw materials for value-added manufacturing, making it the world’s most significant project of its kind. Hyundai E&C will collaborate with Hyundai Engineering, Lotte Engineering & Construction, and DL E&C as its primary construction partners.
The project will be divided into three stages: constructing the steam cracker complex and TC2C equipment, setting up high-density chemical production plants, and installing tanks. The project is expected to be completed by 2026.
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