KUALA LUMPUR, June 7 — The government will review policies related to the oil and gas service and equipment (OGSE) industry to make it more global, sustainable, agile, and divergent, announced Minister of Economy Rafizi Ramli. The review aims to align with the positive global trajectory of the OGSE industry, acknowledging the continued relevance of fossil fuels despite the shift towards sustainable energy.
Rafizi emphasized the importance of government signaling to realign the financial sector with the industry’s new realities. Specific initiatives, such as extending credit lines and private credit to qualified oil and gas companies, are under discussion. The OGSE Census 2024, set to run from June to September, will support the development of a resilient and competitive OGSE sector, contributing significantly to Malaysia’s economy. This census will involve 3,582 establishments and is expected to provide critical data for planning future industry development programs.
