O&G mission to Mongolia rakes in RM677.94m
The inaugural oil and gas specialised marketing mission to Mongolia generated sales and business opportunities of RM677.94 million from 102 pre-arranged business meetings.
In a statement today, mission organiser, Malaysia External Trade Development Corp (Matrade), said among products and services promoted by Malaysian companies were valves, pipes and fittings, heating, ventitlation, air conditioning services, as well as drilling equipment and services.
Matrade said the mission, from October 1-3, received positive feedback from the Malaysian companies.
One of the participants, Innovative Fluid Process Sdn Bhd, said the company received first-hand ground level information about the market.
"This is very good," it said.
Another company, Esional Sdn Bhd, said: "This mission is really an eye-opener and has given some confidence to us for subsequent move to tap opportunities in Mongolia."
Mongolia is a fast-growing emerging market where it registered economic growth of 12.3 per cent in 2012, it said.
Matrade said Mongolia 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 refinery plant by 2015 which will further boost the petroleum industry including the supporting industries," it said.-- Bernama