Saudi Gazette - SABIC sets sights on US amid European slowdown:
"Saudi Basic Industries Corp. (SABIC), the world’s biggest petrochemicals maker by market value, is studying investment opportunities in the US as the economic slowdown in Europe and China hurt its second-quarter sales.
“It is very important that SABIC is not left out from investments in the US as it is a huge market in terms of the presence of shale gas and also proximity to other markets,” Chief Executive Officer Mohamed Al-Mady said in Riyadh today. “We are studying opportunities in the US to expand SABIC’s presence in the chemical and polymer businesses,” he said, declining to give further details until the plans crystallize.
SABIC would be joining companies including Dow Chemical Co. and Exxon Mobil Corp. in seeking to take advantage of the US shale boom that has helped drive down natural-gas prices. Cheap gas is doubly advantageous to chemical makers because it’s used as a raw material and to power factories."
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