ID :
192672
Mon, 07/04/2011 - 09:40
Auther :
Shortlink :
https://oananews.org//node/192672
The shortlink copeid
MALAYSIAN FIRMS URGED TO TAP AFRICA'S O&G SECTOR
By Wan Nor Azura Mior Abd Aziz
PUTRAJAYA July 4 (Bernama) -- Malaysian firms are encouraged to tap the vast business opportunities in Africa's oil and gas-related sector as it will need to find international partners to help develop the fields.
Malaysia External Trade Development Corp (Matrade) chief executive officer, Noharuddin Nordin, said many African countries had started to discover oil reserves in their countries and some of them were still not in production.
According to reports, Uganda's extractable oil deposits were in excess of two billion barrels, with oil revenue estimated at US$2 billion a year for the next 20 years.
"This offers a tremendous potential for Malaysian companies to participate not only in production but also via either infrastructure projects or other related sectors," he told Bernama recently.
He said Malaysian companies should take advantage of the 'African'
potentials and make an early attempt now.
"When I said 'African', we cannot paint Africa with a single brush. Africa is made up of over 50 countries and not all of them offer opportunities," he said.
Noharuddin said most Malaysians had a negative perception towards some African countries like Nigeria, but the reality was that the country has improved a lot; for example, they could provide banking system which could support international trade.
"If we move early in Africa, we will be a dominant player," he said.
However, he said, it was also important for the companies to understand the limitations and local conditions before investing.
"They should make multiple visits and learn before making their decisions.
"Matrade is willing to help and support them in Africa as currently, it has three offices in Cairo, Nairobi and Johannesburg, with a fourth to be set up in Lagos by year-end," he said.
Currently, 93 Malaysian companies were operating in 27 African countries, he said.
He said Africa accounted for only 2.1 per cent of Malaysia's total trade, while Malaysia accounted for 1.6 per cent of total trade.
"This offers a vast potential, considering the current rate of untapped opportunities," he said.
-- BERNAMA
PUTRAJAYA July 4 (Bernama) -- Malaysian firms are encouraged to tap the vast business opportunities in Africa's oil and gas-related sector as it will need to find international partners to help develop the fields.
Malaysia External Trade Development Corp (Matrade) chief executive officer, Noharuddin Nordin, said many African countries had started to discover oil reserves in their countries and some of them were still not in production.
According to reports, Uganda's extractable oil deposits were in excess of two billion barrels, with oil revenue estimated at US$2 billion a year for the next 20 years.
"This offers a tremendous potential for Malaysian companies to participate not only in production but also via either infrastructure projects or other related sectors," he told Bernama recently.
He said Malaysian companies should take advantage of the 'African'
potentials and make an early attempt now.
"When I said 'African', we cannot paint Africa with a single brush. Africa is made up of over 50 countries and not all of them offer opportunities," he said.
Noharuddin said most Malaysians had a negative perception towards some African countries like Nigeria, but the reality was that the country has improved a lot; for example, they could provide banking system which could support international trade.
"If we move early in Africa, we will be a dominant player," he said.
However, he said, it was also important for the companies to understand the limitations and local conditions before investing.
"They should make multiple visits and learn before making their decisions.
"Matrade is willing to help and support them in Africa as currently, it has three offices in Cairo, Nairobi and Johannesburg, with a fourth to be set up in Lagos by year-end," he said.
Currently, 93 Malaysian companies were operating in 27 African countries, he said.
He said Africa accounted for only 2.1 per cent of Malaysia's total trade, while Malaysia accounted for 1.6 per cent of total trade.
"This offers a vast potential, considering the current rate of untapped opportunities," he said.
-- BERNAMA
