KUALA LUMPUR: Malaysia Investment Development Authority (MIDA) has received applications for RM13.6 billion of investments in oil and gas (O&G) projects in the first three months of 2016.
They include applications from Japan and China.
In 2015, MIDA approved a total of 69 O&G related projects worth RM27.9 billion, creating 4,890 potential jobs.
MIDA deputy chief executive officer Datuk N. Rajendran said one of the major projects, the Pengerang Integrated Petroleum Complex (PIPC) in Johor, will house oil refineries naphta crackers, petrochemical plants, a liquefied natural gas terminal and a regasification plant.
"PIPC is expected to be catalytic project to attract more investments,” Rajendran told a press conference on the sidelines of the Offshore Technology Conference Asia (OTCA) 2016 here today.
Rajendran said to complement these exciting prospects, the domestic players need to strengthen their capabilities, especially in technology acquisition, and compliance with international standards and certifications.
"We believe that a comprehensive and strong ecosystem is the magnet for investors.
"The long term success and resilience of an industry is dependent on new and advance technology and competitive supporting services," he added.