Malaysia explores Oil and Gas opportunities in Mongolia

Nine Malaysian companies participated in the inaugural Oil & Gas Specialized Marketing Mission (SMM) to Ulaanbaatar from October 1 – 3. The mission was organized by the Malaysia External Trade Development Corporation (MATRADE).

Among products and services promoted by Malaysian companies were valves, pipes and fittings, heating, ventilation, air conditioning services, lubricants, original equipment manufacturing services, technical and engineering training, sub-contracting for scaffolding and insulation services, engineering design services, as well as drilling equipment and services.

MATRADE’s pre-arranged 102 business meetings between Malaysian companies and potential Mongolian buyers and major companies in the oil and gas sectors successfully generated sales and business opportunities valued at 677.94 million MYR (approximately 213 million USD).

Feedback from Malaysian companies was positive. A representative from Innovative Fluid Process Sdn Bhd said, “We got firsthand, ground-level information about the market. This is very good.” Another participating company, Esional Sdn Bhd, added, “This SMM is really an eye opener and has given us some confidence for the subsequent move to tap the opportunities in Mongolia.”

Mongolia is a fast growing emerging market that registered economic growth of 12.3 percent in 2012. The country has proven reserves of 2.4 billion barrels of oil at its three producing blocks and another 10 billion barrels of oil estimated in the Eastern Mongolian Basin. Mongolia is planning to have its own refinery plant by 2015, and this development will further boost the petroleum industry and supporting industries.

Short URL: http://ubpost.mongolnews.mn/?p=6548

Posted by on Oct 29 2013. Filed under Business & Economics. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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