MPRC Should Be Lead Agency For Malaysia's OGSE Sector - Akmal Nasrullah
KUALA LUMPUR, June 11 (Bernama) — The Malaysia Petroleum Resources Corporation (MPRC) should serve as the lead agency for Malaysia’s oil and gas services and equipment (OGSE) sector in building company capabilities, expanding market access, and converting international opportunities into effective business outcomes.
Economy Minister Akmal Nasrullah Mohd Nasir said MPRC could also collaborate with the Malaysia External Trade Development Corporation (MATRADE) and the Malaysian Oil, Gas & Energy Services Council (MOGSC) to identify, explore, and realise overseas market opportunities for Malaysian OGSE companies in a more structured and effective manner.
“In this context, the government is prepared to provide support through bilateral diplomatic relations to facilitate business access for the country’s OGSE sector to major companies and contractors in the region,” he said during the Global Supply Crisis Briefing on the ministry’s Facebook page today.
The MPRC briefed the National Economic Action Council (MTEN) today on Malaysia’s strengths in the OGSE industry, Akmal Nasrullah said.
Malaysia’s OGSE industry recorded RM94.5 billion in revenue in the financial year 2024, with export revenue amounting to RM23.0 billion. The sector involves 3,765 local companies and supports more than 123,000 jobs.
He noted a significant need to repair and redevelop oil, gas, and petrochemical facilities affected by the West Asia crisis.
Preliminary estimates indicate that redevelopment costs could range from US$42 billion to US$58 billion, with 158 production fields and 21 processing plants involved.
Hence, MTEN acknowledged that the future development and reconstruction of oil and gas infrastructure facilities in West Asia will involve an estimated cost of between US$42 billion and US$57 billion, Akmal Nasrullah said.
“This has the potential to create realistic opportunities worth about US$1.5 billion for Malaysian companies. For the government, a crisis should not only be managed from a risk perspective, but also viewed as an opportunity to strengthen the competitiveness of the nation’s industries,” he added.
— BERNAMA