Energy sector to play a bigger role


Dateline 2012-04-03:

ACCOUNTING For about 20% of gross domestic product (GDP), energy is an important factor in the country’s economic growth.

The Government plans to increase diversification of the energy industry, step up exploration for new oil and gas resources, enhance production from known reserves, and encourage the use of alternative energy sources.

Energy, Green Technology and Water Minister Datuk Seri Peter Chin said that the energy sector’s contribution to the gross national income (GNI) was expected to rise from RM110bil in 2009 to RM241bil in 2020.

The oil, gas and energy (OGE) National Key Economic Area (NKEA) is targeting 5% annual growth for the sector from 2010 to 2020. The OGE NKEA would focus on four key thrusts: sustaining oil and gas production, enhancing downstream growth, making Malaysia the number one Asian hub for oil field services and building a sustainable energy platform for growth.

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