Saudi Basic Industries Corp. (SABIC) and S-Oil Corp., Korea’s third-largest oil refiner by sales, said on Monday that they had inked a 5.5 trillion won ($3.7 billion) deal to work together on exporting polyethylene (PE) goods.
SABIC will manage the worldwide marketing of PE products made by S-Oil under the terms of the five-year agreement, which expires in December 2030, the firm announced in a news statement.
SABIC is a subsidiary of Saudi Aramco, which owns 63.4% of S-Oil.
S-Oil’s new petrochemical plant in Korea, which is presently under construction, will produce the PE products covered by the deal, according to a company representative.
S-Oil is building a 9.26 trillion won petrochemical complex under the Shaheen project, with operations set to begin in late 2026. The project, located near to the company’s current refinery in Ulsan, some 360 kilometers southeast of Seoul, would generate essential petrochemical products like as ethylene, propylene, and butadiene.
