Saudi Basic Industries Corp. (SABIC) is looking at more overseas projects to reduce its reliance on domestic natural gas, Reuters reported on Friday, citing the company’s chief executive Yousef Al-Benyan.
“We do have projects that we evaluate with our existing partners or potential partners... We are a global company, we have the capability to start projects in any region, and not necessarily with a partnership model,” Al-Benyan added at a plastics industry show in Germany.
SABIC was also ready to tap the credit market for funding as part of its strategy to diversify away from domestic raw material sources, he added.
SABIC has a very strong balance sheet and can finance any project with the right model to benefit the most from its balance sheet and the debt market, he added.
“Our business development group is looking at opportunities in China, looking at opportunities also in the US,” the CEO added.
Meanwhile, Al-Benyan ruled out a decrease in revenue and sales during 2017 despite potential challenges.
The company is pushing ahead with its restructuring plan and potential acquisition targets may be defined.
SABIC is proceeding with its petrochemical complex with Exxon Mobil. It will include a world-scale steam cracker and will be the company’s biggest investment abroad, Al-Benyan added, declining to reveal the size of the investment.
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