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2014-04-21 18:30:00

SABIC: GAS LIMITING

SABIC: GAS  LIMITING

Petrochemicals giant Saudi Basic Industries Corp (SABIC) is finding it very hard to grow within Saudi Arabia because of a shortage of natural gas, its chief executive said on Sunday.

Mohamed al-Mady was speaking to reporters after the company reported that net profit slipped 1.8 percent from a year earlier in the first quarter of this year as lower product prices offset rises in production and sales volumes.

"The shortage of gas and many sectors competing for it have made internal expansion very hard," Mady said.

However, he noted that SABIC had several domestic projects under construction, including a synthetic rubber plant at its KEMYA joint venture that would come on line in two to three years.

He also said SABIC had studies underway on possible mega-projects in Saudi Arabia, North America and China, including potential projects involving shale gas in North America. "These are all studies and you will hear of the results soon."

"We are talking with a number of potential partners in the U.S. for investment in shale gas," he added without giving a specific time frame for any deals. "The cost of shale gas is reasonable compared to oil or alternative materials like coal or solar power."

Chief financial officer Mutlaq al-Morished said that so far SABIC had no plans for bond or sukuk issues, but would conduct them if the need arose.

A SABIC official said early last year that the company planned to issue sukuk late in 2013 or in 2014 to fund coming projects.

reuters.com

Tags: SABIC, GAS, SAUDI, ARABIA
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OIL PRICE: NEAR $79 STILL

SABIC: GAS  LIMITING September, 21, 10:55:00

RUSSIA'S OIL PRODUCTION: 11.3 MBD

SABIC: GAS  LIMITING September, 21, 10:45:00

UNEXPECTED OIL PRICES

SABIC: GAS  LIMITING September, 21, 10:40:00

OIL MARKET UNCERTAINTY

SABIC: GAS  LIMITING September, 21, 10:35:00

OPEC-NON-OPEC DECISIONS

SABIC: GAS  LIMITING September, 21, 10:30:00

U.S. CAPITAL EXPENDITURES UP

All Publications »

Chronicle:

SABIC: GAS  LIMITING
2018, September, 21, 10:25:00

U.S. ENERGY CASH: $119 BLN

U.S. EIA - Energy companies’ free cash flow—the difference between cash from operations and capital expenditure—was $119 billion for the four quarters ending June 30, 2018, the largest four-quarter sum during 2013–18 Companies reduced debt for seven consecutive quarters, contributing to the lowest long-term debt-to-equity ratio since third-quarter 2014

SABIC: GAS  LIMITING
2018, September, 21, 10:20:00

WORLD OIL DEMAND: 100.23 MBD

OPEC - Total oil demand for 2018 is now estimated at 98.82 mb/d. In 2019, world oil demand growth is forecast to rise by 1.41 mb/d. Total world oil demand in 2019 is now projected to surpass 100 mb/d for the first time and reach 100.23 mb/d.

SABIC: GAS  LIMITING
2018, September, 21, 10:15:00

IRAQ'S OIL: NO RECORD

ARAB NEWS - Oil exports from southern Iraq are heading for a record high this month, two industry sources said, adding to signs that OPEC’s second-largest producer is following through on a deal to raise supply and local unrest is not affecting shipments.

SABIC: GAS  LIMITING
2018, September, 21, 10:10:00

NATURAL GAS EXPORT UP

PLATTS - The International Energy Agency expects the US to account for 75% of the global growth in natural gas exports over the next five years, a bullish outlook for LNG developers facing challenges at home getting projects off the ground and abroad with tariffs affecting trade flows.

All Publications »