Saudi Basic Industries Corporation (SABIC) Vice-Chairman and CEO Muhammad al-Mady told the Euromoney conference in Riyadh on 7 May that while the shale gas revolution will be good for the US petrochemical industry, Gulf producers will increasingly face tough competition in the Asian and European markets.

Mr Mady added that SABIC nevertheless had plans to invest SR40bn ($10.7bn) in new projects. (CONTINUED - 641 WORDS)