‘O&G business, ecosystems must be restructured to meet future economic needs’


Dateline 2019-06-25, The Edge:

To meet future economic needs, the oil and gas services and equipment (OGSE) business as well as the industrial ecosystems must be restructured to remain relevant and competitive, said Minister of Economic Affairs Datuk Seri Mohamed Azmin Ali.

In a special address at the 20th Asia Oil & Gas Conference 2019 yesterday, Mohamed Azmin said the first National OGSE Industry Blueprint Study will be included in the 12th Malaysia Plan, with the aim of elevating the competitiveness of local players, subsequently promoting long-term resilience and industry sustainability.

“The impact of the new industry reality will be felt across various dimensions, from future economic models to human capital and new skill sets to adoption of new technologies. Disruptive forces and future trends will make it imperative for companies to relook their business models and future-proof existing strategies in order to stay competitive,” Mohamed Azmin added.

 

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