Saudi Aramco is advancing its global chemicals growth strategy with the recent inauguration of S-Oil’s new residue upgrading complex and olefin downstream complex. The new facilities feature the latest refinery technologies, which have raised S-Oil’s petrochemical portion from 8% to 13% and includes high-value products such as propylene and gasoline. The inauguration of the complex was celebrated in the presence of His Royal Highness Prince Mohammed bin Salman Al-Saud, Crown Prince, Deputy Prime Minister, Minister of Defence, Saudi Arabia, and Moon Jae-in, president of the Republic of Korea. Also in attendance were Khalid Abdulaziz Al Falih, minister of energy, industry and mineral resources, Saudi Arabia, and Sung Yunmo, the minister of trade, industry and energy of the Republic of Korea. The inauguration also included the signing of a memorandum of understanding between the two companies to collaborate on a $6bn steam cracker and olefin downstream project which is expected to be completed by 2024.
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