Saudi Basic Industries Corp has signed an agreement to use for the first time U.S. shale gas at its Teesside petrochemical plant in Britain by next quarter, Reuters reported, citing acting chief executive Yousef al-Benyan, who declined to name the supplier.
"It is going to meet our full demand for the next 10 years and is renewable beyond ten years,” al- Benyan was quoted as saying in Reuters.
SABIC has previously complained that scarce gas supplies in Saudi Arabia have forced the company to consider investments in the sector abroad.
Last year, the chemical maker said it planned to upgrade its British plant cracker to capitalize on U.S. shale gas.
Al-Benyan
added
that SABIC was still considering a project to turn crude oil directly into chemicals, but ideally would do it alone and any partner would need to help spread risk and make key contributions to the project, according to Reuters.
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