Sabic’s Chief Executive Officer Yousef al Benyan said that the company plans to expand investment in US shale gas projects through joint ventures and has signed an agreement with Enterprise Products Partners L.P., Houston, TX, USA, to get shale gas. The company may use the feedstock in the US or export it to other countries such as the UK. Sabic has converted crackers at plants in the UK to use shale gas as feedstock to produce olefins and their derivatives more competitively.
Sabic is mainly looking to invest in the northeast and the south of the US. At this point, they say they are not looking to acquire any US company. They want to expand in the US and in because it is difficult to grow in Saudi Arabia due to a shortage of gas.
- Saudi Basic Industries Corp. (SABIC), Riyadh, Saudi Arabia
- Saudi Arabia’s Sabic Considering Shale Gas Investments in U.S.,
BloombergBusiness July 26, 2015.