Saudi Basic Industries Corp. (SABIC) is planning to build at
least one new cracker in the US, news reports said on
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
"We are looking at least at one or two investments," he
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