Kuala lumpur: The Malaysia Petroleum Resources Corporation (MPRC) is being proposed to take the lead role in enhancing the capabilities of Malaysia's oil and gas services and equipment (OGSE) sector. The initiative aims to improve market access and convert international opportunities into tangible business outcomes.
According to BERNAMA News Agency, Economy Minister Akmal Nasrullah Mohd Nasir stated that MPRC could work in conjunction with the Malaysia External Trade Development Corporation (MATRADE) and the Malaysian Oil, Gas and Energy Services Council (MOGSC). This collaboration would focus on identifying and realizing overseas market opportunities for Malaysian OGSE companies in a structured and effective manner.
The government is ready to support these efforts through bilateral diplomatic relations, facilitating business access for Malaysia's OGSE sector to key companies and contractors in the region. This statement was made by Akmal Nasrullah during a Global Supply Crisis Briefing on the ministry's Facebook page.
The MPRC has briefed the National Economic Action Council (MTEN) on Malaysia's strengths within the OGSE industry. The sector recorded RM94.5 billion in revenue for the financial year 2024, with export revenue reaching RM23.0 billion. It comprises 3,765 local companies and supports over 123,000 jobs.
Akmal Nasrullah highlighted the need to repair and redevelop oil, gas, and petrochemical facilities impacted by the West Asia crisis. Preliminary estimates suggest redevelopment costs could range from US$42 billion to US$58 billion, affecting 158 production fields and 21 processing plants.
MTEN acknowledged that the future development and reconstruction of oil and gas infrastructure in West Asia would incur costs between US$42 billion and US$57 billion. This situation presents Malaysian companies with potential opportunities worth approximately US$1.5 billion. The government views such crises not only as risks but also as opportunities to bolster the competitiveness of the nation's industries.