Price Of Crude Oil On Uptrend Due To Tension In Iran

By Dalila Abu Bakar KUALA LUMPUR, March 1 (Bernama) -- The crude oil price is on the uptrend due to the tension in Iran, said Sofyan Yahya, president of the Malaysian Oil & Gas Services Council. "At the moment, it’s heading up. I think this is due to the tension in Iran. Just a few days ago, the Israelis are saying they won’t inform the US that they are going to attack the nuclear plant. "If they keep doing this kind of thing, obviously, the price of oil will go up," he told Bernama on the sidelines of the MOGSEC 2012 Networking Evening here Thursday. The Malaysian Oil and Gas Services Exhibition and Council (MOGSEC) 2012, scheduled to take place from Sept 18-20 at the Kuala Lumpur Convention Centre, will serve as a platform to showcase both local and international expertise in the oil and gas industry. The event, which will provide an avenue for local players to increase their competitiveness and forge strategic alliances with international suppliers, will see the participation of high-level government and private sector speakers. One of the highlights of MOGSEC 2012 is the Business-Matching Platform (BMP) under the control of a specialised business-matching partner, Socialwalk. "The objective is to showcase Malaysia as hub of oil and gas services. This will set the exhibition apart from others because most of them just showcase companies but this one is dedicated to Malaysian and Malaysian-based companies ... what we can offer as a hub for this region. "We feel the oil and gas industry is growing and is ready to serve the region," he said. Meanwhile, Alan Jones, project director of Malaysian Exhibition Services Sdn Bhd, targeted at least 120 companies from the UK, Norway, Holland, France, Germany, US, Singapore and Denmark to participate in the BMP to foster partnerships with Malaysian-based companies. Jones said MES had been engaged to manage MOGSEC 2012. "The event has three objectives -- an exhibition which would showcase Malaysian technology and Malaysian-based technology in oil and gas expertise; the BMP; and, a conference which would be a focus on where oil and gas is in the context of economic transformation programme," he said. -- BERNAMA