Connecting the strength of Malaysia’s oil & gas services and equipment industry with global needs
published : 9 Dec 2021 at 09:00
Malaysia’s oil & gas services and equipment (OGSE) industry plays a significant role in the country’s oil and gas sector. In recent years, the OGSE industry has pivoted towards producing a greater share of sustainable energy while at the same time balancing affordability, access and job creation. In the coming years, through innovation and advancement in low-carbon technologies, the growth of the sector is expected to be achieved in a sustainable manner without greater costs to future generations.
As part of 12th Malaysia Plan, Malaysia intends to continue adding more renewables into the energy ecosystem. It will also participate in the economic empowerment, environmental sustainability and social re-engineering that will guide Malaysia’s future socio economic trajectory.
Mr. Norman Dzulkarnain Nasri, Trade Commissioner of MATRADE Bangkok, said, “As part of the national agenda, the office will continue its support to Malaysian oil & gas, services and equipment players venturing into the export market through the International Sourcing Programme (INSP) ASEAN Oil & Gas 2021. Focusing on ASEAN markets as the world’s major export partner, this initiative will keep the visibility of Malaysia’s potential to portray its brand and capability on the international radar.”
“This programme would be the best platform for local Thais buyers to engage with Malaysian suppliers in creating an international business network. The main attraction of the programme is business meetings between both companies conducted over an online platform.”
“It is also an opportunity to utilise Malaysia’s globally-recognised strengths in the areas of fabrication of all types of offshore and onshore structures, capacity and capability to complete in the value chain of OGSE industries, marine works, drilling and several areas of services expertise such as engineering, environmental management and logistics. To date, Malaysia has 1,500 active OGCE companies.
The OGSE industry is a sizable component of Malaysia's economy with an annual revenue of more than RM65.1 billion in 2019, from over 4,000 vendors employing approximately 59,000 core talents. It also contributes 5%-8% to the country’s gross domestic product (GDP).
With the National OGSE Industry Blueprint launched in April 2021, Malaysia is on the right track to advance the industry and transform the country into a thriving regional OGSE hub anchored by its strategic geographical location. Its roles will include implementing industry development initiatives around technology, innovation, market access, internalisation, and financial facilitation. Local OGSE companies will be able to promote the companies' capabilities and capacity by tapping into technology and expand into international waters in upstream, midstream and downstream segments.
The Malaysia External Trade Development Corporation (MATRADE) in Bangkok duly invites Thai companies in oil and gas (O&G), chemicals and energy sectors to link up with Malaysian businesses by leveraging the virtual business meeting arrangements until the end of December 2021. For further information kindly contact MATRADE Bangkok at email@example.com