SABIC planning several investments in US: Al-Falih

Saudi Basic Industries Corp (SABIC) is planning “several” investments in the United States, while Saudi Aramco is looking at overseas gas prospects, Saudi energy minister Khalid Al-Falih said, cited by Reuters.

“SABIC... is looking at multiple investments in the US, taking advantage of this plentiful gas supply, especially ethane, to crack it and create petrochemical products not only for the US but for exports out of the US to grow its markets around the world,” Al-Falih said on the sidelines of an industry conference in Abu Dhabi.

Last month, SABIC’s chief executive officer Yousef Al-Benyan told the agency that it will decide by the end of next year on investment in a cracker plant in Texas with an affiliate of Exxon Mobil.

Meanwhile, Al-Falih ruled out investments in the US gas market, saying it is “already saturated, there are plenty of investors.”

US Energy Secretary Rick Perry visited the Kingdom earlier this week and held discussions with Saudi officials on possible imports of liquefied natural gas (LNG) from the United States.