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SABIC to invest in the US shale sector

by ChemOrbis Editorial Team -
  • 25/11/2014 (17:26)
According to a statement by Saudi Basic Industries Corporation’s (SABIC) CEO Mohammed Al-Mady at the 9th GPCA Annual Forum, for which ChemOrbis is media partner, the company is considering a direct investment in the US shale sector to benefit from competitive feedstocks for the production of its petrochemicals. However, no specific date has been set by company officials.

The company has already announced that it will convert its steam cracker in Wilton, the UK, into a gas cracker in order to be able to use ethane coming from the US. The modification project at the company’s 800,000 tons/year cracker is expected to be completed in 2016. The company stated that shale gas is so important for them as the strong decreases in ethane prices are stemming from shale drilling in the US which encourages global companies to invest in US shale.

Meanwhile, the company also stated that they obtained a license to export liquefied natural gas from the US to the UK as part of its expansion projects.
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