Saudi Basic Industries Corporation (Sabic), one of the world’s largest producers of petrochemicals, has announced plans to possibly invest in a US-based petrochemical project next year.
Sabic’s Chief Executive, Mohamed Al Mady, has stated their main goal is to benefit from the US shale energy abundance.
Currently, no definite decision has been made, but the Financial Times has reported that Sabic is hoping to finalize a deal in 2014. The company has been discussing options with several potential partners. Al Mandy confirmed that Sabic would like to manufacture a wide range of petrochemical products in the US, such as fertilizers, polyolefins, monoethylene glycol and methanol, which can be applied in many industries for making fuel additives and resins.
Currently, no definite decision has been made, but the Financial Times has reported that Sabic is hoping to finalize a deal in 2014. The company has been discussing options with several potential partners. Al Mandy confirmed that Sabic would like to manufacture a wide range of petrochemical products in the US, such as fertilizers, polyolefins, monoethylene glycol and methanol, which can be applied in many industries for making fuel additives and resins.
Sabic is not the only oversees company considering tapping into the US shale energy boom. Many global oil and gas companies, like Royal Dutch Shell and Braskem, have been paying attention to the cheap and widely available supply of fuels and have already begun US-based projects.