Riyadh – Mubasher: Saudi International Petrochemical Company (Sipchem) plans to invest in a petrochemical project in the US as part of its plans to participate into shale oil investments, said CEO Ahmad Al Ohali.

The international petrochemical producer may seek a US partner in a bid to tap into the booming shale industry, he added. 

Sipchem will initially depend on self-finance for the project, instead of obtaining loans, Bloomberg reported, citing Al Ohali as saying.

Sipchem will allocate and focus its investments in the US into shale gas, the top official highlighted. 

“It’s not going to be easy because we don’t know the business landscape in the U.S., but definitely we are targeting hopefully to do something this year,” the CEO noted.

On Tuesday, Sipchem’s CEO stated that Sipchem will inaugurate two projects during 2018.

Sipchem’s net profits soared 415.36% to SAR 164.4 million during the fourth quarter of 2017, up from SAR 31.9 million in the same period a year earlier.