Saudi's SABIC plans to spend $3-$10 bln in acquisitions over next five yrs -CEO

Tuesday, November 28, 2017

Source: Reuters Business Insider

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)

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