KUALA LUMPUR, Dec 29 (Bernama) -- Malaysia's oil and gas (O&G)
industry will remain competitive with the country being a major regional
player with a bullish outlook, says the Malaysian Oil and Gas Services
Council.
Its President, Sofiyan Yahya said Malaysia's positive track record, led by Petroliam Nasional Bhd (Petronas), had boosted confidence among regional market players in doing business with the country's own participants.
"The current favourable environment, with better oil prices and continuous government support, will also boost prospects for the industry.The prospects are bullish for at least the next five years.
"Now is also the time for foreign companies, who intend to develop and grow their businesses over the long term, to come in and participate in Malaysia's O&G industry," he told Bernama.
Malaysia's oil production, he said, will continue to be buoyant given the strong demand for oil in the region.
On turning the country into the foremost O&G hub in the Asia-Pacific by 2017, Sofiyan said Malaysia had actually achieved the target.
"Petronas has recorded tremendous achievements in the international arena and these have placed the country as the business centre for O&G in the region.
"Malaysia is the only country to have put in so much effort (to groom its O&G industry). If you look at other Asian countries, you can't see this kind of scenario.
"Also,when we look at the industry players, many major foreign companies are based in Kuala Lumpur and a number of our local O&G players have gone on to the overseas arena," he added.
He said persistent efforts by the government, through the initiatives outlined under the National Key Economic Area, had helped turn Malaysia into an O&G hub.
Malaysia's oil reserves are currently ranked the third largest in the Asia-Pacific, after China and India.
It is also a net exporter of O&G with nearly 40 per cent of the country's total revenue derived from petroleum resources.
-- BERNAMA
Its President, Sofiyan Yahya said Malaysia's positive track record, led by Petroliam Nasional Bhd (Petronas), had boosted confidence among regional market players in doing business with the country's own participants.
"The current favourable environment, with better oil prices and continuous government support, will also boost prospects for the industry.The prospects are bullish for at least the next five years.
"Now is also the time for foreign companies, who intend to develop and grow their businesses over the long term, to come in and participate in Malaysia's O&G industry," he told Bernama.
Malaysia's oil production, he said, will continue to be buoyant given the strong demand for oil in the region.
On turning the country into the foremost O&G hub in the Asia-Pacific by 2017, Sofiyan said Malaysia had actually achieved the target.
"Petronas has recorded tremendous achievements in the international arena and these have placed the country as the business centre for O&G in the region.
"Malaysia is the only country to have put in so much effort (to groom its O&G industry). If you look at other Asian countries, you can't see this kind of scenario.
"Also,when we look at the industry players, many major foreign companies are based in Kuala Lumpur and a number of our local O&G players have gone on to the overseas arena," he added.
He said persistent efforts by the government, through the initiatives outlined under the National Key Economic Area, had helped turn Malaysia into an O&G hub.
Malaysia's oil reserves are currently ranked the third largest in the Asia-Pacific, after China and India.
It is also a net exporter of O&G with nearly 40 per cent of the country's total revenue derived from petroleum resources.
-- BERNAMA
Comments
Post a Comment