ConocoPhillips
plans to make additional US$5b investment in Malaysia
NEW
YORK: At least two major American companies have expressed their interest to
Prime Minister Datuk Seri Najib Razak to make additional investments in
Malaysia, thus attesting their continued confidence in the government's efforts
to create a positive environment for investors.
ConocoPhillips,
the US' third largest integrated energy company and fifth largest refiner in
the world, may make an additional US$5 billion investment for their operations
offshore Sabah which will see a production of 300,000 barrels of oil a day by
2016.
It
has already pumped in US$1.5 billion in terms of investments for its interests
in three deepwater blocks off the eastern Malaysian state of Sabah: Block G,
Block J and the Kebabangan (KBB) Cluster. It is expected to start production
next year.
Meanwhile,
Eastman Chemical Company is looking at making an additional investment of US350
million for its co- polyester plastics plant in Pahang.
Officials
from these two companies met Najib at the roundtable meeting with US business
leaders at the Harvard Business School Club of New York here.
"These
companies expressed confidence of the investment opportunities in Malaysia and
of their satisfaction on our policies.
"This
also reflects our capability to compete with other countries in the region and
is in the forefront to attract the foreign investments to our shores," he
said.
Meanwhile
, Najib said he has agreed for a study to be undertaken on the potential of
generating power from the ocean offshore Sabah.
The
request came from Ocean Thermal Energy Corporation chairman and chief executive
officer Jeremy P Feakins, who he met separately after the roundtable.
AIG
Chartis, an international insurance and financial services organisation, is
also keen to set up back room operations in Malaysia.
Najib
said he is happy with the outcome of his two-day working trip to the US, as he
would be able to get first hand feedback from the investing community here.
"One
constraint raised was of our skill sets especially among degree and PhD holders
to undertake high value jobs. It is crucial for us to produce the right skill
sets," he said.
He
also said it is the government's task to narrow the divide between the
perception and reality of what is happening in the country.
"We
have to encourage those are already in Malaysia to be third party validators to
convince the others who don't know about us," he added.
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