MIDA Remains Optimistic Of Outlook For Oil & Gas Sector

It better. Out of curiosity, how does MIDA ‘approve’ O&G manufacturing projects?

Dateline 2016-03-10, Malaysian Digest:

The Malaysian Investment Development Authority (MIDA) is optimistic of the outlook for the oil and gas (O&G) sector, especially for downstream activities.

“We have seen the downturn.. Based on the market indication and the stabilisation of oil prices now, we think there will be more prospects in the industry,” Deputy Chief Executive Officer (CEO) Datuk N. Rajendran told reporters after presenting the Malaysia Book of Records certificate to Upstream Downstream Process & Services Sdn Bhd (UDPS).

The company was recognised by Malaysia Book of Records as the first Malaysian oil and gas company to obtain the MS 1000:2014 Shariah-based quality management system.

Last year, MIDA approved 13 O&G manufacturing projects, worth RM203.7 million, and facilitated three services projects, valued at RM3.7 billion, as well as, three Domestic Investment Strategic Fund projects worth RM84.3 million.

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