PETRONAS to account for $42 bn in Malaysia's income: PM

10 June 2013 03:28  [Source: ICIS news]

KUALA  LUMPUR (ICIS)--Malaysia's Prime Minister Najib Razak said on Monday that state-owned PETRONAS is expected to generate Malaysian ringgit (M$) 131.4bn ($42bn) in gross national income as the country aspires to become a regional energy hub.

The oil and gas major is also expected to create over 50,000 new highly-skilled jobs “as it looks to galvanize Malaysia’s upstream sector, expand domestic downstream production and venture into clean energy,” he said.

Najib was speaking at opening of the 2013 Asia Oil and Gas Conference (AOGC) held in Kuala Lumpur, Malaysia, which runs on 9-11 June.

The country’s oil and gas industry contributes to more than 40% to national income, according to Najib.

Looking ahead,  Najib said that China’s growth momentum is fading amid weak external demand in its key export markets.

“Of course, being China, these things are relative: it is still set to be the world’s largest economy within the next three years,” he said.

“But for much of the world, and for our region in particular, China’s prospects affect confidence in our own,” Najib added.

Asia is expected to remain the “brightest prospect” in the global economy, with its internal demand to drive strong growth, he said.

Meanwhile, the shale gas revolution in North America “appears to be amedium-to-long term proposition” for the rest of the world, Najib added.

($1 = M$3.1)

By: Pearl Bantillo
+65 6780 4359

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