CIMB: Malaysia can be financing hub
KUALA LUMPUR: The world's oil and gas companies could consider Malaysia as a source of financing in their future multi-billion dollar projects due to its strong and steady financial services sector.
CIMB Investment Bank chief executive officer Datuk Charon Wardini Mokhzani said Malaysia can be the oil majors' financing hub due to its strong economy, strong loan growth and world's number one issuer of sukuk.
"Although the balance sheet of the oil companies is bigger than the Malaysian banks, nevertheless I ask all of you to look at Malaysia as one of your finance hubs."
Malaysia is a strong middle-income country with a gross domestic product of US$278 billion (RM887 billion) and accounts for 70 per cent of the world's sukuk market," Charon told delegates on the sidelines of the 25th World Gas Conference.
He said the oil and gas companies could secure funding in projects in the region such as the growing usage of gas by Malaysia and Indonesia over that of coal as the latter is more difficult and expensive to extract and transport.