JUBAIL Saudi Arabia Nov 12 Saudi Basic
Industries Corp (SABIC) is considering investing in
the United States to capitalise on the shale gas boom there, its
chief executive told Reuters on Monday.
SABIC and other petrochemical producers in Saudi Arabia have
been looking for additional gas supplies to fuel their expansion
plans, with SABIC now casting its gaze overseas.
"We have to participate in the shale gas business and we
have to participate in other sources that can also be
competitive," said CEO Mohamed al-Mady, who expects a short-term
slowdown in the growth of the sector in Saudi Arabia.
"We can look for investment, we can look for joint
Saudi Aramco, the world's largest oil exporter, is focusing
on boosting gas production to help it to meet rapidly rising
Saudi fuel demand, primarily for power and desalination
Mady said that SABIC will continue to plan new projects in
Saudi Arabia, such as a polyacetal (POM) plastic facility in
Jubail and synthetic glass (PMMA/MMA) and carbon-fibre projects
"I think in the future you will see more investment in gas
exploration and more investment in technology," he said.
"We have many intermediate projects coming with the
Japanese, with others."
The company has given the go-ahead for the polyacetal plant
and is close to reaching final investment decisions on the
carbon fibre and synthetic glass projects, Mady added.