From Bernama – O&G Stocks Set To Perk Up After PM’s Announcement


From Bernama, dateline 2011-01-12:

Prime Minister Datuk Seri Najib Tun Razak’s announcement on over RM20 billion investment in the oil and gas (O&G) and energy sectors is expected to perk up trading of the O&G stocks after being out of the limelight for the last two years since the crash of the crude oil price.

In a note on Wednesday, OSK Research said the share prices of most O&G companies were experiencing an upward re-rating due to the steady flow of positive news.

Under the third update of the Economic Transformation Programme yesterday, Najib said Shell Malaysia would invest RM5.1 billion in multiple projects to upgrade, expand or build facilities in upstream, midstream and downstream activities across Malaysia.

Meanwhile, ExxonMobil Exploration and Production Malaysia Inc, together with its production-sharing contract partner, Petronas Carigali Sdn Bhd, planned to invest over RM10 billion in new oil and gas assets to help ensure reliable and sustainable energy supplies for Malaysia.

This was a follow-through from the announcement of new tax incentives under the Petroleum Income Tax Act in November 2010.

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This entry was posted on Thursday, January 20th, 2011 at 6:00 am and is filed under business opportunity, Malaysia, oil and gas. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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