CEO: SABIC Plans To Spend $3-$10B In Acquisitions Over Next 5 Years
DUBAI, Nov 28 (Reuters) - Petrochemical producer Saudi Basic Industries Corp (SABIC) plans to spend between $3 and $10 billion on acquisitions over the next five years in specialities and agri-nutrients, chief executive Yousef al-Benyan told Reuters on Tuesday.
He said the company was looking at two potential acquisitions within the specialities sector, with a possible decision on investments to follow by the second quarter of 2018.
SABIC planned to make a decision on an investment in a cracker in Texas with Exxon Mobil by the end of 2018, he said.
(Reporting by Maha El Dahan and Tom Arnold, editing by Louise Heavens)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds