Signal Statistical treatment of the Shaheen TC2C unit could shift Korea's recorded industrial oil demand by up to 14.6 million barrels a year

Summary

The Shaheen project applies TC2C, a crude-to-chemicals technology used at commercial scale for the first time in the world, and statistical rules for its output are not yet settled. Using published process data and yields, the institute estimates that at full operation the unit would produce and feed about 14.6 million barrels a year of oil products as petrochemical feedstock. The baseline counts this naphtha and LPG first as product output and then as feedstock consumption, with utilisation assumed at 50 percent in 2027, 70 percent in 2028 and 80 percent in 2029 and 2030. If the streams were instead treated as internal flows and not counted, projected industrial oil demand would be lower by up to 14.6 million barrels a year at full operation. At 80 percent utilisation in 2030, the gap would be about 11.7 million barrels.