Malaysian Oil & Gas Industry Set to Shine at ADIPEC 2024, Showcasing Innovation and Expanding Middle Eastern Partnerships
KUALA LUMPUR, 1 NOVEMBER 2024 (FRIDAY): The Malaysian Oil & Gas, Services and Equipment (OGSE) industry is poised to make a significant impact at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2024 in the United Arab Emirates (UAE) with the participation of 20 Malaysia oil and gas companies. ADIPEC, one of the world’s largest oil and gas exhibitions in the Middle East and North Africa region will take place from 4–7 November 2024, bringing together prominent market leaders, innovators and decision-makers from around the globe.
The Malaysian delegation organised by the Malaysia External Trade Development Corporation (MATRADE) will showcase cutting-edge technologies, services and solutions in the area of safety equipment, integrated oil and gas solutions provider for both the upstream and downstream value chain, marine engineering and manufacturer of flare burners. Participating companies will showcase sustainable practices in their operations, aligning with evolving environmental standards and promoting robust corporate governance as well as social responsibility frameworks tailored to the OGSE industry.
“This year marks our tenth participation in the show, emphasising our commitment to elevating the Malaysian brand and driving the industry's progress towards sustainability including innovation while keeping pace with the energy sector's demands,” said Mr. Abu Bakar Yusof, Deputy CEO (Export Acceleration), MATRADE.
"Malaysian businesses should seize the growth opportunities present to enhance trade relations with the region. The MENA region is projected to grow by 3.8 percent, while economic expansion in GCC countries is expected to strengthen to 4.2 percent, up from 1.9 percent in 2024 driven by the gradual increase in oil production by end of the year." he added.
The UAE is Malaysia’s second-largest trade partner in the MENA region. In the first nine months of 2024, total trade between Malaysia and the UAE increased by 16.0% to RM32.85 billion (USD7.07 billion) compared to RM28.31 billion (USD6.27 billion) in the same period last year.
“The recent conclusion of the Comprehensive Economic Partnership Agreement (CEPA) between Malaysia and the UAE aimed at reducing tariffs, lowering trade barriers, enhancing private-sector collaboration and creating new investment opportunities comes at a timely moment for Malaysian companies looking to expand in the UAE and tap into other MENA markets” said Mr. Abu Bakar Yusof.
Malaysia’s participation in ADIPEC 2024 aligns with MATRADE’s goal to maximise the country’s oil and gas export potential and support local SMEs in expanding their businesses globally. The event also supports the National OGSE Industry Blueprint 2021-2030 which aims to boost the oil and gas sector’s GDP contribution to RM50 billion. At ADIPEC 2024, Malaysian companies will actively engage in pre-arranged business meetings and pursue opportunities to collaborate with National Oil Companies (NOCs), and major oil and gas producers from countries such as Brazil, Canada, China, Norway and South Africa. Several MOUs are expected to be signed by Malaysian companies to enhance international partnerships and collaboration.
