MPRC TO ATTRACT US$106.66 MLN IN INVESTMENTS IN 2011

PUTRAJAYA, April 19 (Bernama) -- The Malaysia Petroleum Resources
Corporation (MPRC), a new unit created for the oil and gas industry, has been
tasked to attract investments worth RM320 million (US$106.66 million) in 2011.

Apart from creating a conducive environment for the oil and gas industry in
Malaysia, the unit will also look at attracting investments and promoting the
sector locally and aboard, Prime Minister, Najib Razak said here Tuesday.

He said this at the Fifth Progress Update of the Economic Transformation
Programme (ETP).

The MPRC will also oversee and make necessary recommendations on policy,
business regulations and fiscal incentives, to ensure a thriving oil and gas
industry is realised for Malaysia.

The creation of the MPRC is in line with the aspiration to make Malaysia the
top Asian hub for oil and gas companies by 2017.

The MPRC's interim Chief Executive Officer is Dr Shahreen Madros.

The proposal to establish the MPRC comes from the Performance Management
and Delivery Unit (Pemandu). It will be placed under the Malaysian Investment
Development Authority (MIDA).