RM8.2b for new investments, energy incentives
By AFP
KUALA LUMPUR: Prime Minister Najib Tun Razak today announced RM8.2 billion worth of investments in the country and incentives to open up marginal oil and gas fields.
Najib announced the latest in a slew of investments which are part of the government’s Economic Transformation Programme (ETP), aimed at creating 3.3 million jobs and pushing the country towards developed-nation status by 2020.
“These developments, new projects and foreign investments clearly demonstrate that our programme to transform Malaysia’s economy is working,” Najib said.
“The bright future for the country that we have promised is far from a pipe dream.”
He said the investments would include RM3.0 billion over the next two years to create the Tanjong Agas oil and gas logistics industrial park in Pahang – intended to be a regional oil and gas hub.
Najib said that Tenaga Nasional Bhd would also be investing RM4.0 billion in reinforcing infrastructure and building two new hydro power plants in Terengganu and Perak, with a coal power plant also to be built in Perak.
He said the Cabinet had already agreed to amend the Petroleum Income Tax Act to provide oil and gas companies with additional incentives to develop more than 10 hard-to-reach oil fields in the country and stimulate domestic exploration to overcome a projected 1.0% to 2.0% drop in production.
