Domestic supply constraints are threatening the expansion of the fast-growing $100bn Gulf petrochemicals industry, Saudi Basic Industries Corp has warned.
As rapid population growth and industrialisation send Gulf energy needs soaring, the world’s largest petrochemical maker by market capitalisation is increasingly having to compete for its raw materials such as gas with domestic public electricity and water companies, says Mohamed al-Mady, Sabic chief executive.
Utility companies burn fuel to heat water to generate electricity, or to desalinate water.
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