Sri Lanka, Malaysia formalise business opportunities in the oil and gas sector
View(s):Sri Lanka and Malaysia has inked the first oil-and -gas related Memorandum of Understanding (MOU) paving the way for more investment and business opportunities in the petroleum sector, Sri Lanka’s Petroleum Resources Development Secretariat (PRDS) said.
The PRDS signed a MoU with the Malaysia Petroleum Resources Corporation (MPRC), a government agency under the Prime Minister’s Department of Malaysia to formalise business and investment opportunities for Malaysian companies to collaborate with their Sri Lankan counterparts in the oil and gas sector.
The media release quoted Saliya Wickramasuriya, Director General of the PRDS as saying, “We recognise the potential that Malaysian oil and gas companies offer Sri Lankan companies in this sector”.
Malaysian oil and gas companies have built their capabilities, resources, knowledge and relationships with business partners and vendors over several decades, and may help their Sri Lankan counterparts to significantly shorten their own learning cycle, he said. “MPRC, the Government gateway to these opportunities, will help Sri Lankan companies meet the requirements of this industry through partnerships and possible joint ventures in time to come,”Mr. Wickramasuriya added.
Dr. Emir Mavani, President/ Chief Executive Officer, MPRC said, “The outlook of the oil and gas industry for Sri Lanka is very good; it is growing rapidly as industrialisation and economic growth kicks in”. The MoU signed by PRDS and MPRC has also paved the way for Malaysian companies to seek possible business opportunities in Sri Lanka, he added. Pursuant to the the MoU signing ceremony, Malco Engineering (Private) Ltd of Sri Lanka has signed MoUs with two Malaysian companies, Energy Quest Sdn. Bhd. and Daya Materials Bhd. to explore investments in infrastructure facilities in Sri Lanka, such as oil refinery operations, construction of power plants as well as upstream oil and gas projects and supply of services and products to the sector.
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