‘Malaysia can be perfect fit for Asia’s oil and gas hub’
Malaysia will be a perfect fit to establish an oil and gas hub in Asia, says Petronas president and chief executive officer Tan Sri Shamsul Azhar Abbas.
He said there was no oil and gas hub in the likes of Houston, Aberdeen or Stavanger to cater for the intensified servicing activities required for oil and gas development.
“The overall growth is spawning voracious appetite for energy,” he was quoted as saying in a report titled “Malaysia
is Asia – Gateway to Asean” published by London-based PMC Ltd.
Shamsul Azhar attributed population growth, urbanisation and emergence of mega- cities to Gross Domestic Product growth and the need for energy and petroleum products for Asia.
“No other region has experienced more increase in energy demand than Asia,” he added.
The report said the Asian region’s demand for gas was forecast to climb, as its largest economies continue to expand at a rapid pace.
Positioning itself to feed this dynamic market, Malaysia has made extensive investments in deepwater and technically challenging fields, even as production has risen significantly, said the report.
The report also said Malaysia held enormous promise in the area of renewable energy as well with its wide spread adoption and application of green technology. “This makes it an excellent destination for British investors and multi-national corporations in the oil and gas services and renewable energy fields that want to penetrate Asean and establish their headquarters in Kuala Lumpur,” it added. — Bernama