Media: SABIC seeks to diversify its feedstocks
The Saudi government recently raised gas prices to $1.75/MMBtu for ethane and to $1.25/MMBtu for methane, bringing gas prices in Saudi Arabia close to the level prevailing in the US. Saudi Arabia had previously maintained a fixed price of $0.75/MMBtu for gas feedstocks but is moving to restrict subsidies in the face of falling government revenues owing to a slump in oil prices.
The company had previously said that tightness in ethane gas in Saudi Arabia was limiting opportunities for domestic growth and pushing the company to look at foreign investment opportunities. SABIC signed a deal to import US shale gas to its Teesside petrochemical plant in the UK.
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