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DHAHRAN, Saudi Arabia, Nov. 17, 2022 /PRNewswire=KYODO JBN/ -

    --  Biggest ever Aramco investment in South Korea contributes to a stable

        supply of feedstock

    --  First commercial deployment of Aramco's TC2C(TM) thermal crude to

        chemicals technology developed in collaboration with Lummus Technology

    --  S-OIL's chemical yield based on volume anticipated to almost double to

        25% upon project completion

    Aramco is making its

biggest ever investment in South Korea to develop one of the world's largest

refinery-integrated petrochemical steam crackers through its S-OIL affiliate, in

line with the company's strategy to maximize the crude to chemicals value chain.

    The $7 billion Shaheen project aims to convert crude oil into petrochemical

feedstock and would represent the first commercialization of Aramco and Lummus

Technology's TC2C thermal crude to chemicals technology, which increases

chemical yield and reduces operating costs. It follows an earlier $4 billion

investment into the first phase of the petrochemical expansion completed in

2018.

    Located at S-Oil's existing site in Ulsan, the new plant is planned to have

the

capacity to produce up to 3.2 million tons of petrochemicals annually and

include a facility to produce high-value polymers. The project is expected to

start in 2023 and be completed by 2026.

    The steam cracker is expected to process by-products from crude processing,

including naphtha and off-gas, to produce ethylene -- a building block

petrochemical used to make thousands of everyday items. The plant is also

expected to produce propylene, butadiene and other basic chemicals.

    Aramco President & CEO, Amin H. Nasser, said: "The global petrochemical

landscape is rapidly evolving with demand growth anticipated to accelerate,

driven in part by rising consumption from Asia's emerging economies. That is why

S-Oil's Shaheen is well positioned to meet rising demand for the materials that

will be required across the region's key industries. By further integrating

refining and chemical processes through the first commercialization of Aramco's

thermal crude to chemicals technology, we aim to create a more efficient,

competitive and sustainable platform for growth, while paving the way for

further downstream expansion."

    Aramco Senior Vice President of Downstream, Mohammed Y. Al Qahtani, said:

"Shaheen aspires to be a gamechanger not only for S-OIL in South Korea, but also

for our global chemicals business, allowing us to process a greater range of

feedstocks in a more efficient and less energy-intensive way. The project

represents the first large-scale deployment of Aramco's thermal crude to

chemicals technology and shows how, through better design, we can contribute to

the transition to more efficient and more sustainable production processes."

    The new steam cracker is planned to use mixed feedstocks, outperforming

naphtha-based crackers in terms of overall efficiency and performance. Upon

project completion, S-OIL chemical yield based on volume could almost double to

25%, which demonstrates the impact of this cutting-edge technology,

complementing Aramco's strategy to expand its liquids to chemicals capacity to

up to 4 million barrels per day.

    Aramco is the majority shareholder of S-OIL, holding more than 63% of the

company's shares through its Aramco Overseas Company B.V. subsidiary.

    Contact Information

    International Media Relations: international.media@aramco.com

    Investor Relations: investor.relations@aramco.com

    Aramco [https://twitter.com/Aramco]

    About Aramco

    Aramco is a global integrated energy and chemicals company. We are driven

by our

core belief that energy is opportunity. From producing approximately one in

every eight barrels of the world's oil supply to developing new energy

technologies, our global team is dedicated to creating impact in all that we do.

We focus on making our resources more dependable, more sustainable and more

useful. This helps promote stability and long-term growth around the world.

www.aramco.com.

    Logo: https://mma.prnewswire.com/media/1480256/Aramco_Logo.jpg

    Source: Aramco