OGSE Development Grant on track towards target of annual disbursement

KUALA LUMPUR: The Oil and Gas Service and Equipment Development Grant (OGSE DG) is on track towards achieving its target of RM5 million in annual disbursement to eligible and approved companies, Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed said.

He said as at November, 2021, the OGSE DG has selected 10 companies which is equivalent to RM2.2 million in disbursement.

“This is a heartening development as we believe companies that embrace innovation will better navigate and thrive in a competitive and evolving energy landscape,” he said in a statement in conjunction with the inaugural steering committee meeting of the National OGSE Industry Blueprint 2021-2030 on Monday.

The OGSE DG is designed and developed by the Economic Planning Unit (EPU) and Malaysia Petroleum Resources Corporation (MPRC) alongside the National OGSE Industry Blueprint 2021-2030 to enhance local mid-tier companies (MTC), and small medium enterprise (SME) competitiveness through innovation and export.

The RM25 million OGSE DG was launched in April, 2021 together with the blueprint.

According to MPRC, the steering committee reviewed the progress over the last eight months of the blueprint implementation and endorsed five programmes escalated by initiative owners, namely MPRC, the Malaysian Investment Development Authority (Mida), and Malaysia External Trade Development Corporation (Matrade).

“The endorsed programmes include a government point of contact for OGSE industry via a web-portal, an MPRC-owned initiative that was launched in September.

“Other initiatives endorsed by the committee include efforts undertaken towards defining and recognising OGSE companies and establishing a baseline to track the progress and development of the sector,” it said.

Meanwhile, MPRC president and chief executive officer Mohd Yazid Ja’afar said together with the EPU, MPRC will continue to deliver meaningful impacts to the OGSE industry to reach its full potential.

“The development grant will assist in increasing the competitiveness of OGSE companies in the industry, accelerate innovation and drive them move towards commercialisation and exports,” he said. — Bernama