S-Oil’s Hydrogen Infrastructure Project advances with Focus on Energy Efficiency
8. May 2025S-Oil is moving forward with its landmark Shaheen Project in Ulsan, committing over 9.26 trillion won to establish a next-generation petrochemical complex that integrates refining and chemical production. With completion targeted for late next year, the company is currently hiring experienced engineers to manage key processing facilities, including TC2C, steam cracker, HDPE, and LLDPE units. The project’s scope also includes a significant investment of 263 billion won in self-generation infrastructure at the Onsan plant. This involves the installation of gas turbine generators and waste heat recovery boilers to increase the site’s energy self-sufficiency from 10% to 42%. Hydrogen related system components and equipment usually require KGS Certification in order to be approved for import and sale in Korea.
Despite labor shortages and limited available construction sites, the project surpassed its progress target at the end of last year, reaching 51.8% completion—1.4 percentage points ahead of schedule. A central feature is the deployment of Saudi Aramco’s TC2C technology, enabling direct conversion of crude oil into petrochemical feedstock, which enhances cost-efficiency and positions S-Oil competitively on the global stage. As industrial electricity costs rise, the project’s self-generation strategy is expected to provide a decisive cost advantage.
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