In recent news Malaysia is still looking forward towards their new natural gas expansion. According to reports, this new expansion might be the strongest way to boost their economy and change the course of the country. The natural gas resources in the area has been found to be in very high supplies compared to the country’s usage. This is why they are now looking forward towards exporting their resources and gaining investments from different foreign bodies in the region to utilize these mines. Details suggest that the market for natural gas will be released and launched soon with companies and bodies ready to invest and take their part in the business.
This was commented on by Adif Zulkifli, the Petroliam Nasional Bhd (Petronas) executive vice-president and CEO for gas and new energy by saying, “If this happens, it would truly be a game-changer as our gas reforms move towards market liberalization. The ongoing liberalisation of the natural gas market would ultimately result in a stronger and more sustainable oil and gas (O&G) industry, where prices would be determined on a willing buyer-willing seller basis. Moreover, with the ongoing implementation of the third party access (TPA) system, it would also encourage new parties to enter Malaysia’s gas market, thereby driving competition for the benefit of Malaysian gas users. This is depending on the domestic gas market demand growth when we reach market parity. Gas contributes about 40% of the country’s primary energy supply mix.”