Wednesday, 29 February 2012

Investments in oil gas and services amounted to RM132b

from Business Times

The government's revenue from Petronas (Petroliam Nasional Bhd) remains high, buoyed by high prices as well as contributions from its overseas operations, he added. Investments in the oil and gas sector and its ancillary support services announced recently amounted to some RM132 billion. They included Shell-Petronas' RM35 billion Enhanced Oil and Recovery project as well as Petronas' RM60 billion Refinery and Petrochemicals Integrated Development Project (Rapid) in Johor. On the liberalisation of the services sub-sector, Mustapa said of the 17 identified, eight have been allowed to hold 100 per cent foreign equity. The remaining nine will be liberalised in phases by year-end. They include primary and secondary education services, courier services, telecommunications services (network facilities provider), specialised medical and dental services, legal services, architectural services and engineering services. The biggest difficulty has been legal services, Mustapa said, adding that some amendments have to be made to the Legal Profession Act to enable the move.

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