- The CEO of Saudi Basic Industries Corp. (SABIC) says he remains upbeat on a proposed petrochemical venture in the U.S. with Exxon Mobil (NYSE:XOM), and a preliminary investment decision could be made within months.
- SABIC CEO Yousef al-Benyan tells Reuters that he plans to travel to the U.S. at the end of this month to look at the proposed project, and could make an announcement in Q2.
- SABIC, one of the world's largest petrochemicals groups, seeks investments abroad to diversify its risks and improve its access to foreign markets, and the CEO says it is looking to make other U.S. investments worth $2.5B-$3B.