MIDA talking to investors from US, Europe

KUALA LUMPUR: The Malaysian Investment Development Authority (MIDA) is taking advantage of the ongoing Offshore Technology Conference (OTC) Asia 2014, to talk to potential investors in the local oil and gas (O&G) industry.

Chief Executive Officer Datuk Azman Mahmud said there were potential investors from the United States and Europe.

"Some are new investors and some existing players with a different business scope. They are looking into investments in the O&G sector," he told a press conference after moderating a session on "Malaysia as a Regional Oil and Gas Hub" at (OTC) Asia 2014.

More than 200 participants attended the session, which Azman said was a good platform for investors to gain first-hand information and insights on the challenges and opportunities in Malaysia as a regional O&G hub.

"The Refinery and Petrochemical Integrated Development (RAPID) project coming up in Pengerang, Johor, is creating strong waves in the industry and international players are taking Malaysia seriously," he said.

Undertaken by the national oil corporation, Petronas, the US$20 billion RAPID complex is expected to reach its final investment decision at end-March or early April.

Meanwhile, panelist Honeywell Process Solutions Global O&G Business Vice-President Paul Bonner said Malaysia should look at solar and water as alternative energy sources to remain competitive in the long-term.

"These sources could be turned into energy for local consumption while freeing up Malaysia's O&G resources for export," Bonner said.

The four-day OTC Asia, ending tomorrow, is being attended by more than 10,000 delegates and trade visitors from over 60 countries