SABIC eyes U.S. investments on back of shale gas boom - CEO

JUBAIL Mon Nov 12, 2012 9:29am GMT

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JUBAIL Saudi Arabia Nov 12 (Reuters) - Saudi Basic Industries Corp (SABIC) is considering investments in the United States to capitalise on the shale gas boom there, its chief executive officer told Reuters on Monday.

"We have to participate in the shale gas business and we have to participate in other sources that can be also competitive," Mohamed al-Mady said.

When asked how SABIC would participate, he said: "We can look for investment, we can look for joint ventures."

Mady also said SABIC sees a slowdown in the growth of petrochemicals in the short term in its home market and must look overseas for growth.

Saudi Aramco, the world's largest oil exporter, is now focusing on boosting gas production to help meet rapidly rising Saudi fuel demand.

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