Saudi Basic Industries' (Sabic)  venture capital arm is looking at acquisitions of up to $100 million for the new business, its chief executive said on Thursday, and has already made a few purchases in Europe and the US.

Mohammed Al-Mady also said the petrochemicals giant, one of the world's largest chemicals firms by market value, expected to see moderate growth in 2012 on the heels of record quarterly results so far this year.    

"The good news is that we are still in growth and not in recession. Yes, it's moderate growth, but it's still growth," Al-Mady told Reuters on the sidelines of the Group of 20 meeting in Cannes, southern France. "Our fertiliser business is doing well and chemical/plastics follows the GDP of the world so if there is a slowdown it will follow suit.

"(Next year) is probably going to follow on the heels of 2011. It will be another good year. It may slowdown a little bit."     

Asked whether Netherlands-based Sabic Ventures was looking at investments in the range of $5 million to $100 million, Al-Mady said: "It is in that range. We are looking at companies in the incubation stage. We have already made a few acquisitions in Europe and the US." - Reuters