Energy sector under ETP to register 5 pct

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Najib said under the government’s Economic Transformation Programme ( ETP), the energy sector is set to register annual growth of five per cent up to 2020, transforming Malaysia into a regional oil trading and storage hub and ensuring long-term energy supply security to the domestic market.

He said the recent US$ 7 billion investment by Saudi Arabian Oil Company ( Saudi Aramco) in Petronas’ Refinery and Petrochemical Integrated Development ( Rapid) project in Pengerang, Johor, exemplifies Malaysia’s ongoing attractiveness as an energy investment destination pf choice.

“This clearly positions the oil & gas industry as one of the biggest drivers of the ETP. This investment also makes Saudi Aramco the single largest investor in the country so far,” he said.

Earlier, Najib launched the world’s first floating LNG facility, PFLNG Satu, owned by Petronas.

He said PFLNG Satu is a game changer for the industry, bringing together the liquefaction, production, storage and offloading processes of LNG to an offshore gas field.

“We are proud that Petronas has developed this technology, which will maintain the company’s technical edge as a key global LNG supplier,” he added.

Themed, “New Reality-Driving a New Approach”, the two- day conference brings together eminent industry leaders, policymakers and delegates from around the world.