Saudi Sipchem Mulls U.S. Shale Venture in First Foreign Foray - Bloomberg

Saudi Sipchem Mulls U.S. Shale Venture in First Foreign Foray - Bloomberg:

"Saudi International Petrochemical Co. is considering investing in the U.S. shale industry in what would be the company’s first foreign venture as it faces higher costs and a shortage of feedstock at home in Saudi Arabia.

Sipchem, as the business is known, may seek a U.S. partner in its effort to tap into the booming shale industry, though Chief Executive Officer Ahmad Al Ohali said in a Bloomberg television interview that he foresees risks in such an expansion.

“It’s not going to be easy because we don’t know the business landscape in the U.S., but definitely we are targeting hopefully to do something this year,” Al Ohali said. Sipchem would initially use cash to pay for the project instead of borrowing money, he said."



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