iifl-logo-icon 1

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

Aramco to invest $7 billion in refinery project in South Korea

18 Nov 2022 , 11:59 AM

On Thursday, Saudi Aramco announced intentions to invest in a $7 billion project to create petrochemicals from crude oil at the refinery complex of its South Korean partner S-Oil Corp in the port city of Ulsan.

The Saudi company’s largest investment in South Korea is the Shaheen project, which will create chemicals from crude oil for the first time commercially, according to a statement from Aramco.

According to Aramco, development on the complex, which can manufacture up to 3.2 million tonnes of petrochemicals annually (tpy), will start in 2023 and be finished by 2026. The cracker plant will have a capacity of 1.8 million tpy, whereas the chemicals-to-crude facility will have a capacity of 46,000 barrels per day.

More than 60% of S-Oil is owned by Saudi Aramco.

S-Oil’s chemical yield by volume might virtually double to 25% upon project completion, according to Aramco.

This year, China’s weaker demand caused cracker operators to reduce output, which negatively impacted the region’s petrochemical industry.

The businesses initially agreed to a memorandum of agreement for the $6 billion Ulsan project in 2019.

For feedback and suggestions, write to us at editorial@iifl.com

 

Related Tags

  • Aramco
  • crude oil
  • Saudi Arabia
  • South Korea
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More
Knowledge Centerplus
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Securities Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Knowledge Centerplus

Follow us on

facebooktwitterrssyoutubeinstagramlinkedin

2024, IIFL Securities Ltd. All Rights Reserved

ATTENTION INVESTORS
  • Prevent Unauthorized Transactions in your demat / trading account Update your Mobile Number/ email Id with your stock broker / Depository Participant. Receive information of your transactions directly from Exchanges on your mobile / email at the end of day and alerts on your registered mobile for all debits and other important transactions in your demat account directly from NSDL/ CDSL on the same day." - Issued in the interest of investors.
  • KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.
  • No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account."

www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.

RISK DISCLOSURE ON DERIVATIVES
  • 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
  • On an average, loss makers registered net trading loss close to Rs. 50,000.
  • Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
  • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.
Copyright © IIFL Securities Ltd. All rights Reserved.

Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248

plus
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.