SABIC expects to enter U.S. shale market this year

23-Jan-14

Saudi Basic Industries (SABIC) is in talks with several US based firms to invest in its shale gas industry, and expects to enter that market this year, chief executive Mohamed al-Mady. Mady, speaking to Reuters on the sidelines of the World Economic Forum in Davos, did not elaborate on the size or type of investment in U.S. shale gas. Any investment would not be heavy in the initial stages, adding the company had no urgent funding needs so he doubted it would tap the bond market this year.