European petrochem industry missing out on shale gas benefits – Sabic CEO

LONDON -- Europe risks losing new petrochemical investments to the US because of the region's reluctance to embrace shale gas, according to the head of the industry's biggest company, Saudi Basic Industries Corp., or Sabic, the Financial Times reported Thursday.

Mohamed al-Mady, Sabic CEO, said the US production boom has driven down gas prices, making electricity cheaper for the energy-intensive industry.

The shale gas also often contains ethane, which can be converted into the ethylene that is used in many of the petrochemical industry's products, he said.

Dow Jones Newswires

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