I’ve been saying this since mid-Nov 2015. Maybe not in Malaysia, though.
Dateline 2015-12-22, Borneo Post:
Although the upstream sub-segment of the oil and gas (O&G) value chain remains depressed as exploration and production (E&P) capex are being reduced by many major oil producers, Malaysia’s downstream sub-segment industry is expected to remain robust.
MIDF Amanah Investment Bank Bhd (MIDF Research) said moving into 2016 and into 2017, works and activity levels at the RM90 billion Refinery and Petrochemical Integrated Development (RAPID) Project within the Pengerang Integrated Petroleum Complex (PIPC) are expected to be at its peak.
“As such, key beneficiaries are oil and gas companies which have downstream specialties such as KNM Group Berhad and Muhibbah Engineering Berhad,” it detailled in a report yesterday.
“Channel checks indicate that there could be a possibility of reallocation of staff by Petronas towards its downstream segments to prepare for the commencement of RAPID in Pengerang by 2019.