Saudi Basic Industries to Use US Shale Gas at its UK Petrochemical Plant

Saudi Basic Industries Corp (SABIC) has inked a deal to buy US shale gas from US to use at its Teesside petrochemical plant in Britain, acting chief executive Yousef Abdullah al-Benyan told Reuters on Sunday.

“In fact we did sign the contract - we have not yet agreed with the supplier to publicly announce it, but we did firm up a contract for gas supply,” Benyan told the news agency, declining to name the supplier.

The details about the deal, Reuters reported, would be available by next quarter.

“It is going to meet our full demand for the next ten years and is renewable beyond ten years,” Benyan said.

Last year, the company said it planned to upgrade its Teesside cracker to capitalise on shale gas opportunities in the United States.