SABIC eyes U.S. investments on back of shale gas boom - CEO
JUBAIL Saudi Arabia Nov 12 (Reuters) - Saudi Basic Industries Corp (SABIC) is considering investments in the United States to capitalise on the shale gas boom there, its chief executive officer told Reuters on Monday.
"We have to participate in the shale gas business and we have to participate in other sources that can be also competitive," Mohamed al-Mady said.
When asked how SABIC would participate, he said: "We can look for investment, we can look for joint ventures."
Mady also said SABIC sees a slowdown in the growth of petrochemicals in the short term in its home market and must look overseas for growth.
Saudi Aramco, the world's largest oil exporter, is now focusing on boosting gas production to help meet rapidly rising Saudi fuel demand.
- Sierra Leone's chief Ebola doctor contracts the virus
- Exclusive: Ukraine rebel commander acknowledges fighters had BUK missile
- Gaza bloodshed deepens as airlines shun Israel |
- TransAsia Airways plane crashes in typhoon-hit Taiwan, killing 47 |
- South Korea ferry fugitive hid behind cabin wall, bags of cash at hand