Saudi's SABIC in talks to enter US shale gas market

  • Share via facebook
  • Tweet this
  • Bookmark and Share
(For illustrative purposes only)

(For illustrative purposes only)

Saudi Basic Industries (SABIC) is in talks with several US firms to invest in the US shale gas industry, and expects to enter that market this year, chief executive Mohamed al-Mady said on Wednesday.

"We're currently in talks with a few big names in the US for investment in shale gas. We expect to enter the market sometime this year. This will be great for SABIC and will globalise our operations," he said.

Mady, speaking to Reuters on the sidelines of the World Economic Forum in Davos, did not elaborate on the size or type of investment in US shale gas.

Last year Mady said SABIC, one of the world's biggest petrochemical producers, planned to build a new shale gas cracker in the United States.

Any investment would not be heavy in the initial stages, Mady said on Wednesday, adding the company had no urgent funding needs so he doubted it would tap the bond market this year.

"We hope our profit will increase next year. There won't be any significant investment in the coming two to three years. Most of the shale investment will come in 2017."

Related:
Galleries
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Dubai's smart palm tree technology revealed

Dubai's smart palm tree technology revealed

Smart Palms harness the sun's energy to allow people to look...

Decision time looms for Saudi on nuclear power?

Decision time looms for Saudi on nuclear power?

As other countries push ahead with their plans for conventional...

1
With crude at $50, oil firms fear deeper crisis than in 1980s

With crude at $50, oil firms fear deeper crisis than in 1980s

After slashing spending by $180 billion to deal with one of the...

Most Popular
Most Discussed