Saudi Aramco makes $7 billion investment in South Korea during crown prince’s visit
Saudi Crown Prince Mohammed bin Salman is seeking to boost energy, defense and investment cooperation with Seoul during his trip.
Saudi Arabia’s state-owned oil company announced a major investment in South Korea today during Crown Prince Mohammed bin Salman’s visit.
Aramco will invest $7 billion in a petrochemical “steam cracker” in the east Asian country. The investment, which is named the Shaheen project, is Aramco’s largest-ever in South Korea. The project will be located at an existing site belonging to the South Korean energy company S-Oil, according to a press release.
What it means: A steam cracker is a petrochemical facility that breaks hydrocarbons down into lighter ones, such as ethylene, which is used to make many everyday items. The Aramco-funded steam cracker in South Korea will produce ethylene, as well as propylene, butadiene and other chemicals.
Why it matters: The announcement came during Prince Mohammed’s official visit to South Korea. Yesterday, the prince, aka MBS, met with South Korean Prime Minister Han Duck-soo to discuss boosting Saudi-Korean cooperation. Mohammed brought numerous defense, investment and other officials to the meeting, according to the official Saudi Press Agency.
