Saudi Basic Industries Corp’s (SABIC) earnings will suffer if global oil prices continue to tumble, said chief executive Mohamed Almady in an interview with Al Arabiya news channel.

 

However, the company is actively working to directly convert petroleum into petrochemical materials, and has received 40 patents for its intended ventures. It has already developed some projects into experimental plants, he pointed out. 

 

The company is also working to take advantage of shale gas and coal resources to develop new materials. 

 

SABIC is also in talks with several North American companies to potentially enter the shale gas sector in America, he added. 

 

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