Arab Today, arab today foreign firms tap us gas bonanza
Last Updated : GMT 14:53:24
Arab Today, arab today
Arab Today, arab today

Foreign firms tap US gas Bonanza

Arab Today, arab today

Arab Today, arab today Foreign firms tap US gas Bonanza

New York - QNA

The US boom in natural-gas production is luring investment from foreign manufacturers eager to tap a cheap, abundant supply of fuel and feedstocks. Companies from the US and abroad have invested or are planning to invest billions of dollars through the rest of the decade in plants that would churn out chemicals, fertilizers, plastics, metals and fuel from gas. Many foreign companies, alone or in joint ventures with US partners, are taking advantage of gas that costs a fraction of what it does in Europe or Asia to expand production in the US, according to the Wall Street Journal. Boston Consulting Group estimates that international companies will invest at least $50 billion through the end of the decade on projects that take advantage of low-price natural gas, according to the newspaper. The US gas bonanza, fueled by the widespread adoption of new drilling techniques such as hydraulic fracturing, has already given a boost to domestic manufacturers. Now inexpensive gas also is turning the US into a magnet for investment by foreign companies. Energy consulting firm IHS Cera said in a report last month that cheaper gas would kick-start the nation\'s chemicals sector over the next dozen years, creating more than 300,000 jobs and driving half a trillion dollars in production through 2025.

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