SABIC planning to build a new cracker in USA to capitalize on its shale gas boom

09-Apr-13
Saudi Basic Industries Corp. (SABIC) is planning to build a new cracker in the US to capitalize on its shale gas boom. Mohamed Al-Mady, SABIC’s CEO, said the firm is in talks with partners to invest in at least one or two projects in the US shale gas business to seize the shale revolution. “We are talking about a cracker, building a new cracker,” Reuters quoted Al-Mady as saying on the sidelines of a forum in south China. “We are looking at least at one or two investments.” He ruled out venture capital as a source of financing.
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