22 January 2014, News Wires –
Petrochemicals giant Saudi Basic Industries (Sabic) is in talks with companies to enter the US shale gas market, according to a report.
The Riyadh-based company expects to enter the market some time this year, Reuters quoted chief executive Mohamed al-Mady as saying.
“We’re currently in talks with a few big names in the US for investment in shale gas,” he told the news wire.
The nature and size of any possible investment was not given.
Sabic has been looking at ways to utilise cheap US shale gas by setting up its own facility or facilities in the country. However, judging by Mady’s comments, the company may be looking to take a stake in shale gas production.
Crude oil export giant Saudi Arabia is itself looking to exploit its own shale gas reserves in the north of the country as it eyes cheaper sources of fuel for industrial, commercial and residential use.
– Upstream
