Ulsan: S-Oil Corp., South Korea's third-largest oil refiner by sales, announced that it has entered into a 5.5 trillion-won (US$3.7 billion) agreement with Saudi Basic Industries Corp. (SABIC) for the export of polyethylene (PE) products. This strategic partnership will span five years, concluding in December 2030, with SABIC leading the global marketing efforts for the PE products manufactured by S-Oil.
According to Yonhap News Agency, SABIC, which is affiliated with Saudi Aramco-the latter holding a 63.4 percent stake in S-Oil-will take charge of the international marketing of the PE products. These products will be produced at S-Oil's upcoming petrochemical facility, which is currently under construction in South Korea.
S-Oil is advancing its Shaheen project, a 9.26 trillion-won investment aimed at establishing a petrochemical complex. The facility, situated adjacent to S-Oil's current refinery in Ulsan, approximately 360 kilometers southeast of Seoul, is expected to begin operations in late 2026. It will focus on the production of essential petrochemical commodities, including ethylene, propylene, and butadiene.