Petronas to boost local participation
KUCHING, February 3, 2015 – Government-owned oil and gas company Petronas will be allocating a greater number of contracts to Malaysian businesses in an effort increase local participation, Malaysian minister for Industrial Development Datuk Amar Awang Tengah Ali Hassan told reporters on Tuesday.
Speaking at the Seminar on Business Opportunities in the Sarawak Oil and Gas Industry, organised by the ministry and Petronas, Awang Tengah said the company had agreed to award contracts with a combined value of about $582 million. He added that the value of these contracts would be increased on a yearly basis as part of a government drive to grow oil and gas royalty from 5 to 20 percent.
“We should be at the forefront together with Petronas in developing the oil and gas industry into a vibrant industry, hence contributing towards growth of the state and national economies,” Awang Tengah said, stressing that local companies should not be bystanders in the process.