SABIC plans to increase chemical capacity by 70% by 2025

According to the Gulf News on April 10, Houston, the dominant chemical manufacturer in the Middle East plans to increase its chemical production capacity by 70% by 2025 as SABIC works with new joint ventures and expands its presence in the shale boom in the United States. Increasing chemical production is crucial to Saudi Arabia's vision 2030 blueprint, chief executive Yusuf Penyan said in an interview on Saturday. The blueprint envisages the creation of higher value chemicals and more jobs. Benyan said that the kingdom of Saudi Arabia has hired Li Weicheng, the long-term CEO of Dow Chemical, as an advisor after leaving Dow DuPont on July 1 last year. SABIC also plans to set up a headquarters in Houston for its western hemisphere operations as a result of the surge in SABIC's use of cheap natural gas supplies from shale fields in North America. The final decision on the Houston project will depend on local government approval and environmental clearance, according to a statement released Saturday by SABIC.