Pahang’s O&G, energy industry sees commited investments totalling RM800m in 1H 2023

Pahang’s O&G, energy industry sees commited investments totalling RM800m in 1H 2023

27 Jul 2023

Pahang’s oil and gas (O&G) and energy industry has seen committed investments worth RM800 million during the first half of this year.

State Investment, Industry, Science, Technology and Innovation Committee chairman Datuk Mohamad Nizar Mohamad Najib (pix) said the state government aims to attract more than RM1 billion in new investments in the industry, adding that Pahang’s biggest strength in the industry lies in the petrochemicals segment.

He said this to reporters after officiating the East Coast O&G Services and Equipment Showcase 2023 here today, which was also attended by Malaysia Petroleum Resources Corporation president and chief executive officer Mohd Yazid Ja’afar.

Mohamad Nizar said the state government has been actively marketing and attracting investors to Pahang’s maritime and O&G industry centre, the Tanjung Agas Industrial Area (TAIA) in Pekan, through efforts by TGA Solutions Sdn Bhd and the Pahang State Development Corporation.

It is understood that investors from China and Europe have shown interest in investing in TAIA.

Although TAIA is more focused on the O&G industry, Mohamad Nizar said the state government is also willing to consider approving investments in other sectors to attract more investors.

“We also need to work with other agencies such as the Malaysian Investment Development Authority and the East Coast Economic Region Development Council to increase the number of incentives to attract more investors, such as providing investment tax allowance.

“We are also engaging with professional tax consultancy companies to explore other attractive offers that could differentiate us from other investment destinations to attract interested parties to Pahang,“ he added.

Source: Bernama