MIDA’s Country Session At OTC Asia 2014 Attracts More Than 150 Potential Investors In The Oil And Gas Industry
KUALA LUMPUR, 27 March - More than 150 potential investors including international participants attended the Malaysian Investment Development Authority’s (MIDA’s) Country Session at the Offshore Technology Conference (OTC) Asia 2014, today. The Session, themed “Malaysia as a Regional Oil and Gas Hub’, held at the Kuala Lumpur Convention Centre was moderated by Dato’ Azman Mahmud, Chief Executive Officer (CEO) of MIDA.
The Country Session featured panellists from Technip, Petrofac, Honeywell Process Solutions and Kencana Petroleum who are leading experts in the industry. According to Dato’ Azman, “As the principal sponsor for OTC Asia 2014, we see this event as a perfect platform for investors to gain first-hand information and insights on the challenges and opportunities in Malaysia as a regional oil and gas hub in Asia. Malaysia has a very strong ecosystem of services and manufacturing companies that support the needs of oil and gas value chain both domestically and regionally. We also have the advantage of the geographical location and large hydrocarbon reserves, which will make Malaysia an ideal base for expanding into Asia’s oil and gas markets.”
“Major efforts made by companies particularly PETRONAS which include the development of the Refinery and Petrochemical Integrated Development (RAPID) in Pengerang, Johor and the Sabah Ammonia Urea (SAMUR) project in Sipitang that involve investments of more than RM65 billion will create growth in volume of premium specialty chemicals industry in Asia-Pacific region,” he added.
“MIDA, being the first point of contact for investors will continue to collaborate with all our stakeholders to ensure Malaysia’s investment climate remains attractive for businessmen to not only conduct their normal business activities, but also expand and diversify their existing operations. In line with Malaysia’s aspiration to be the number one oil and gas (O&G) hub in the Asia Pacific region by 2017, we are positioning Malaysia’s vibrant O&G industry as the platform for world-class companies to be a key component in the O&G ecosystem in Malaysia. The synergetic development of upstream and downstream activities provides opportunities in strategic petrochemical industries and has unleashed unprecedented demand for services in the whole value chain of the O&G industry,” he said.
Dato’ Azman said that Malaysia recognises the need to further develop technical experienced talent, specifically engineers, geosciences professionals and specialized supervisory and trades categories. To address the requirement, Malaysia has established several specific talent development programmes in the oil and gas sector in the country and these programmes are being conducted in various Ministries and agencies such as the Industry Centre of Excellence (ICoE) by the Ministry of Education, Malaysia, and Structured Internship Program (SIP) by TalentCorp, in collaboration between the Malaysia Petroleum Resources Corporation (MPRC) and the University of Technology Malaysia (UTM). Currently, there are 13 institutes of higher learning and 4 skills training centres that offer oil and gas related courses in Malaysia such as the state of the art simulation, engineering fields, marine technology, enhanced oil recovery and deep water technology.