Monday, February 29, 2016

Malaysia still top choice for oil and gas, says investment agency

Malaysia remains a preferred location for business operations especially in the petrochemical and oil and gas industries. This despite facing global headwinds, says the Malaysian Investment Development Authority (Mida). Its chief Datuk Azman Mahmud said Malaysia had the infrastructure for these industries and was still fundamentally strong with the economy expected to grow between 4 and 4.5% this year. "With the implementation of the Pengerang Integrated Petroleum Complex and the Petronas Refinery and Petrochemical Integrated Development project, Malaysia has now been placed on the world map for building opportunities for growth in this ecosystem," he told reporters after launching the Schmidt + Clemens Group Technical Symposium in Kuala Lumpur today. Schmidt + Clemens is a producer of special steel components and a supplier of services for plant operators and mechanical equipment manufacturers. The company has invested over €14 million in a new production plant at the Sendayan Tech Valley in Seremban, while planning to add a few more machines this year. "This indicates that investor confidence has not eroded. Mida expects to see more companies in the petrochemical and oil and gas related industries in the near future," Azman added. – Bernama, March 1, 2016.]]>

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