JUBAIL, Saudi Arabia: Saudi Basic Industries Corp (Sabic) is considering investing in the United States to capitalise on the shale gas boom there, its chief executive said yesterday.
Sabic and other petrochemical producers in Saudi Arabia have been looking for additional gas supplies to fuel their expansion plans, with Sabic now casting its gaze overseas.
“We have to participate in the shale gas business and we have to participate in other sources that can also be competitive,” said CEO Mohamed Al Mady, who expects a short-term slowdown in the growth of the sector in Saudi Arabia.
“We can look for investment, we can look for joint ventures.” Saudi Aramco, the world’s largest oil exporter, is focusing on boosting gas production to help it to meet rapidly rising Saudi fuel demand.
Reuters
