Malaysia has reportedly received a $12.7 billion foreign direct investment (FDI) boost, which, according to the Star newspaper, will aid plans to turn south east Johor in a regional oil and gas hub, with facilities for processing, refinery, storage, fabrication bunkering shipyard and marine related industries.

“They have submitted their applications to the Federal Government and MIDA and we are seriously looking into the plan,” the report quoted the state’s Chief Minister, Datuk Abdul Ghani, as saying.  

Both companies are involved in mid-steam activities and a total of 1,800 jobs would be created as a result of the investment.

Malaysia is steadily building up the Iskandar Malaysia region housing the country’s leading ports of PTP and Pasir Gudang with the aim of streamlining port operations and attracting more cargo. To foster that, Kuala Lumpur is giving off tax and other incentives to get companies to locate in the region and is reportedly building a bunkering facility in the Tanjung Bin area.

Sammy Lee