Sabic gets green light to export LNG from US to UK
Sabic, Saudi Arabia’s largest chemicals company, has been given the go-ahead by United States authorities to export liquefied natural gas from the US to the UK as part of its worldwide expansion.
Mohamed Al Mady, Sabic’s chief executive, also said the company was planning to announce an investment in US shale gas shortly. “Shale gas is very important for us. Hopefully we will announce something in the near future about investment in US,” he said on the sidelines of the GPCA Forum in Dubai, an annual petrochemicals industry gathering.
Sabic has won approvals in Britain and some government funding to convert a 90-hectare Olefins cracker in Wiltshire, southern England, to be able to handle US shale gas.
Mr Al Mady said plans were on track and the conversion is set to begin next year and be completed the year after.
The move is part of a broader restructuring of Sabic’s European businesses, which have been suffering from weak demand and squeezed margins. Sabic also has recently expanded into China.
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Updated: November 24, 2014 04:00 AM