Malaysia is poised to be the region’s hub for liquefied natural gas (LNG) importation, trading and storage once its LNG regassification terminal in Malacca is ready.
“With the LNG terminal, which will hopefully come on stream in October, we believe that we are poised to be the regional hub for LNG importation, trading and storage,” Minister in the Prime Minister’s Department and Performance Management and Delivery Unit chief executive officer Datuk Seri Idris Jala said.
“A lot of work is also being done in the east (of the country), and I have no doubt in my mind that the plant that the Sipitang Oil and Gas Industrial Park (Sogip) is building in Sabah will also add to the whole array of things happening in the industry,” he said at the inaugural Malaysia Oil and Gas Services Exhibition and Conference 2012 (MOGSEC).
He said the good response to MOGSEC 2012 was a testimony to the country’s vibrant oil and gas sector, which contributed significantly to gross domestic product (GDP).
Earlier in his speech, Idris said the oil and gas industry needed to sustain and maintain production, grow and diversify to continue to power the economy.
He said projects such as the enhanced oil recovery partnership between Petroliam Nasional Bhd (Petronas) and Shell Malaysia, the LNG terminal in Malacca and the RM60bil Refinery and Petrochemical Integrated Development complex in Pengerang were catalytic for further growth.
Idris urged local oil and gas companies to adopt best practices to enable them to compete internationally.
“Local companies shouldn’t just focus on growing their businesses here, they should take this platform to grow their business overseas,” he said.
MOGSEC 2012 is expected to attract 10,000 trade buyers and decision makers. The three-day event, which ends on Thursday, is organised by the Malaysian Oil and Gas Services Council.