Saudi Basic Industries Corp (SABIC) is considering investing in the United States to capitalise on the shale gas boom there, its chief executive told Reuters on Monday.
According to estimates calculated from U.S. Census Bureau statistics, the financing will support approximately 18,400 American jobs, 12.5 percent of which come directly or indirectly from small businesses, in 13 states.
Saudi Arabia, the world’s biggest oil exporter, has identified mining as a key investment area after oil and petrochemicals, and is spending an estimated $38 billion to develop two cities centered around mining.
The Saudi project market continues to thrive. Latest data from Meed put the value of projects “planned or underway” at $745 billion in mid-April, around 13 percent higher than a year earlier.
