Views: 2 Author: Site Editor Publish Time: 2019-07-05 Origin: Site
Source: China Chemical Industry News July 04, 2019
On June 27, S-Oil, a subsidiary of Saudi Aramco, established a new residue upgrading complex and an olefin downstream product manufacturing complex in Ulsan, South Korea. The new facility uses new oil refining technology to increase the proportion of S-Oil's petrochemical production capacity from 8% to 13%, providing high-value products such as propylene and gasoline.
At the inauguration ceremony, Saudi Aramco and S-Oil also signed a memorandum of understanding to cooperate in the development of a US$6 billion steam cracker and olefin downstream project, which is expected to be completed in 2024. This new steam cracker will use naphtha and refinery dry gas to produce ethylene and other basic chemical products. This new agreement will support Saudi Aramco to more effectively implement its plan to expand the global petrochemical business in the next decade. It also includes the deployment of Saudi Aramco’s thermal crude oil-based chemical product technology to help S-Oil shift its business focus from \"petroleum-based chemical products\" to this new technology, so that the company can achieve better future energy markets. development of.
Amin Nasser, President and CEO of Saudi Aramco, said: \"Today's inauguration ceremony is a historic moment for S-Oil and Saudi Aramco. S-Oil is a model for Saudi Aramco to promote its international downstream strategy. Energy plays an important role in promoting Korea’s economic growth. Two new facilities will provide high-value products for Korea’s major industries. Korea has many global brands and has been widely integrated into our daily lives, representing leading technology, innovation, and creativity. Power and quality.\"