Petronas’ responsibility to ensure local company participation, says Malay economic group


Dateline 2014-01-09, the Malaysian Insider:

National oil and gas firm Petronas has the responsibility to offer contracts to qualified local companies, the Malay Economic Action Council (MTEM) said.

Tired of Petronas’ repeated explanation that contracts were only handed out to international firms when there are no qualified local corporations, MTEM disputed the firm’s excuse and asked the oil giant to fulfil its duty as per its objective.

“It is Petronas’ responsibility under the Petroleum Development Act 1974 to give help to the local oil and gas industry,” said MTEM chief executive officer Mohd Nizam Mashar today.
Disappointed with Petronas president Tan Sri Dato’ Shamsul Azhar Abbas’ inaction to spur the development of local companies, Mohd Nizam said the firm’s chief had only appointed three firms for the Vendor Development Programme (VDP) during his tenure in office.

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