S-OIL’s 9.258 trillion won Shaheen Project in Ulsan, which will apply TC2C (Thermal Crude to Chemicals) technology commercially for the first time in the world, is currently undergoing mechanical completion verification, it is reported. The target for commercial operation remains unchanged at early 2027.
The Shaheen Project is the world’s first commercial application of the TC2C process, which directly converts crude oil and low-value refining fractions into petrochemical feedstock, it is reported. TC2C was developed by parent company Saudi Aramco and further advanced jointly with Lummus Technology. The project also incorporates a high-efficiency steam cracker, power generation facilities, and waste heat recovery and process optimization technologies, and has been designed to reduce carbon emissions by more than 20% compared to the original design, it is reported.
On July 26, a fatal accident occurred at the Shaheen Project site in Ulsan when soil collapsed during formwork removal work, killing one worker, and this is understood to have contributed to the adjustment of the mechanical completion timeline. S-OIL has stated that it aims to build a production base with cost competitiveness, energy efficiency, and feedstock flexibility through the Shaheen Project, contributing to strengthening the global competitiveness of Korea’s petrochemical industry.
The timing of the completion of mechanical completion verification, the subsequent commercial operation preparation process, and whether the early 2027 commercial operation target is actually achieved are cited as points to watch.