SABIC Capitalizes on Shale Gas Boom by Building Cracker in the U.S.
According to an article in the Arab News, SABIC CEO Mohamed Al-Mady said the firm is talking to its partners about building one or two crackers in the United States to capitalize on the shale revolution. Crackers are used to convert hydrocarbons into simpler molecules.
“We are talking about a cracker, building a new cracker,” Reuters quoted Al-Mady as saying on the sidelines of a forum in south China. “We are looking at least at one or two investments. Our future growth and development is dependent on creating solutions for the major issues facing society today and tomorrow — successful solutions that create value for society and in turn, growth for our business,” Al-Mady added.
One such solution is the emergence of shale gas as a viable natural gas source. SABIC’s interest in shale gas is related to manufacturing petrochemicals, not exploration and exploitation, Al-Mady asserted: “We believe the answer lies in bringing sustainability and innovation together. To us, sustainability requires innovation, and innovation finds its value in sustainability. There is no sustainability without addressing the fundamental business challenges that we will face in the years to come. Novel concepts toward ‘additive manufacturing’ tightly connect innovation, manufacturing, supply chain and commercialization that have been pioneered by the chemicals industry will result in more efficiency and less waste. This creates a virtuous cycle that will benefit countries, people and the environment for future generations.”