Sabic expects to Enter U.S. Shale Market This Year

Saudi chemical giant Sabic is in talks with American firms about investing in the U.S. shale gas industry, and expects to enter that market this year, CEO Mohamed al-Mady told the news agency Reuters on the sidelines of the World Economic Forum in Davos, Switzerland.

Entry into this market "will be great for SABIC and will globalise our operations," al-Mady said.

In 2013, Sabic hinted that it planned to build a new shale gas cracker in the U.S. Any investment would not be heavy in the initial stages, the CEO suggested in the interview. "There won't be any significant investment in the coming two to three years. Most of the shale investment will come in 2017," he said.