Matrade spearheads mission for oil, gas and energy to Azerbaijan, Kazakhstan
KUALA LUMPUR: Malaysia External Trade Development Corporation (Matrade) is spearheading a trade mission through its signature Export Acceleration Mission (EAM) to promote the Malaysian oil, gas and energy capabilities in the Central Asian and Caspian region next week.
The mission, coincides with the Kazakhstan International Oil & Gas Exhibition (KIOGE) 2018 in Baku, Azerbaijan from September 24 to 26, 2018 and will later proceed to Almaty, Kazakhstan from September 26 to 28.
“We believe that KIOGE 2018 will present an ideal platform for Malaysian companies to enhance their business networking opportunities given that it is the largest oil, gas and energy trade exhibition in the Central Asian region,” Matrade deputy chief executive officer Datuk Wan Latiff Wan Musa, who leads the mission, said.
Wan Latiff’s optimism for a good outcome is well-grounded, based on the fact that Matrade had previously organised a similar initiative in 2015, where 10 Malaysian companies reported sales of RM860.98 million.
“We are collectively working with the private sector to surpass the results of the 2015 mission, and at the same time create greater awareness and visibility for Malaysian capabilities and expertise in providing world-class products and services within the sector,” he added.
The mission involves 15 Malaysian companies, representing both products and services from various segments in the industry such as radiation services, system integration services, engineering services, pipeline systems and equipment, Health, Safety and Environment (HSE) consultancy services, welded pipes, bends, flanges and fittings, well integrity and sampling services, flare burners and associated ignition system and services as well as lubricants.
Apart from customised prearranged business meeting sessions, Malaysian companies will also participate in roundtable discussions with industry leaders in Azerbaijan and Kazakhstan. In addition, the participants will also attend business briefings on potential markets in Central Asia and explore specific industry sectors through engagement with potential clients in both cities.
“We are confident that both merchandise goods and services, especially so for the services sector related to the oil and gas industry as Azerbaijan, Kazakhstan and the neighbouring countries will grow tremendously. They have recently agreed in principle, to collectively delineate their maritime borders in the Caspian Sea - potentially opening the way for a massive oil and gas exploration,” Wan Latiff said.
Oil and gas sector remains an important part of the Azerbaijani economy with numbers of production sharing agreements related to Azerbaijan’s oil and gas reserves are signed between multinational energy companies and the State Oil Company of the Azerbaijan Republic (SOCAR).
SOCAR recently reported that it has finalised commercial terms for more exploration of oil and gas fields offshore. In Kazakhstan, the future expansion projects involving two major onshore fields; the Karachaganak and Tengiz will be the key to boost Kazakhstan’s crude oil production.
The current existing facility will be expanded including dehydration facilities, gas injection compressors, modificationstoexistingequipment, installation of collection systems as well as well sites.
In 2017, trade between Malaysia and Azerbaijan recorded a substantial growth of 46.9 per cent to RM52.4 million, compared to RM35.7 million in 2016.
Total trade with Kazakhstan showed an even stronger jump of 65.8 per cent per cent to RM337.6 million, compared to RM203.6 million in 2016.