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SABIC plans new US ethane cracker, possibly more

04.11.2013  | 

Mohammed Al-Mady, CEO of SABIC, said the company is in talks with partners to invest in one or perhaps two projects. The plans for a new ethylene plant are based on an abundance of cheap ethane feedstock derived from the ongoing US shale boom. The company did not disclose a specific location.

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Saudi Basic Industries Corp. (SABIC) is planning to build at least one new cracker in the US, news reports said on Thursday.

The plans for a new ethylene plant are based on an abundance of cheap ethane feedstock derived from the ongoing US shale boom.

Mohammed Al-Mady, CEO of SABIC, said the company is in talks with partners to invest in one or perhaps two projects.

"We are talking about a cracker, building a new cracker," Al-Mady said earlier this week, according to a Reuters report.

"We are looking at least at one or two investments," he added.

Al-Mady declined to say how big the investments would be or how they would be funded, but ruled out venture capital as a source of financing, according to the report.

Numerous companies are expected to begin work on new US ethylene projects during the next five years.



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