He said for the first seven months of the year, approved investments in the O&G sector amounted to RM15.4 billion in 13 projects, exceeding the RM7.05 billion in investments for the sector for the whole of last year.
The bulk of these investments were for petroleum products while the balance were for specialised O&G machinery and equipment as well as specialised engineering supporting services, he added.
Besides the national oil and gas company, Petroliam Nasional Bhd (PETRONAS), other major players in the sector with significant presence in Malaysia are Technip, Schlumberger, Shell, BASF, Dialog, ATT Tanjung Bin and Clariant (M) Sdn Bhd.
Phang expects the huge investments in the O&G sector to continue next year while aware that these investments were normally quite lumpy.
The O&G industry has remained a major contributor to the gross domestic product of some 20% a year since 1971,
Source: StarBiz 23 Oct 2014 and MIDA