Korean builders hit jackpot with S-Oil's Shaheen project

• Published date: 10 March 2023
• Publication title: The Korea Times

Multiple domestic builders hit the jackpot thanks to S-Oil's 9.26 trillion won ($7 billion) "Shaheen" project aimed at building Korea's largest petrochemical plant in the southeastern port city of Ulsan by 2026, according to industry officials, Friday.

Hyundai E and C said in a regulatory filing that it signed a 2.4 trillion won contract with the oil refiner, which is owned by Saudi Arabia's Aramco, to construct a steam cracker and thermal crude-to-chemicals (TC2C) facility.

The construction arm of Hyundai Motor Group has led a consortium of local builders to participate in the mega-size project named after Saudi Arabia's national bird. Shaheen means falcon in Arabic.

"Our participation in the largest-ever project in the Korean petrochemical industry's history is the result of the recognition of our world-class technical skills in the construction of petrochemical and gas plants, as well as our excellent capabilities in engineering, procurement and construction (EPC)," a Hyundai E and C official said.

Hyundai Engineering, a subsidiary of Hyundai E and C, is also participating in the consortium to build the steam cracker and TC2C facility, as well as the construction of an automated warehouse and manufacturing facilities for high-density polyethylene and linear low-density polyethylene.

DL E and C, another participant in the consortium, said it signed a 1.4 trillion won contract with S-Oil for the steam cracker and TC2C facility.

"We will prove our ability through the nation's largest-ever petrochemical project," a DL E and C official said. "We will make every effort to commercialize TC2C for the first time in the...