SABIC said to boost investment in US shale gas market

27/07/2015 Argaam

Saudi Basic Industries Corp. (SABIC), one of the world’s largest petrochemical producers, is planning to expand its investment in the US shale gas market through joint ventures, the company’s acting chief executive Yousef Abdullah al-Benyan told Bloomberg.

 

SABIC signed an agreement with Houston-based Enterprise Products Partners that would provide the Saudi firm with feedstock that would be used in the US or the UK, Benyan said.

 

He added that the northeast and the southern regions of the US are considered to be the best areas for investment. However, the company is not looking to acquire any American firms.

 

In April, Reuters first reported on SABIC’s US shale gas deal which Benyan said would help the firm meet its “full demand for the next ten years.” Supply was said to come on line by the third quarter of 2015.

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