Budget 2024 provides favourable landscape for OGSE firms, says MPRC

“These initiatives will provide a vital shot in the arm for OGSE companies," said Mohd Yazid.

KUALA LUMPUR: Budget 2024 provides a favourable landscape for Malaysia’s oil and gas services and equipment (OGSE) companies to strengthen the industry’s fundamentals and secure its sustainability, says the Malaysia Petroleum Resources Corp (MPRC).

Its president/chief executive officer, Mohd Yazid Ja’afar, said Budget 2024 included significant allocations to advance technical and vocational education and training initiatives, upskilling and certification as well as boost Science, Technology, Engineering and Maths enrolment.

“These initiatives will provide a vital shot in the arm for OGSE companies which rely heavily on a continuous supply of highly skilled talent but are grappling with a talent shortage, with the OGSE industry needing to maintain a skilled workforce of at least 60,000 by 2030 to ensure its sustainability,” he said in a statement.

In Budget 2024, RM8bil was allocated by Bank Negara to support the development of small and medium enterprises (SMEs), while the Syarikat Jaminan Pinjaman Perniagaan or SJPP financing guarantee scheme of up to RM20bil with up to 80% government guarantee coverage for SMEs could benefit OGSE companies and SMEs. — Bernama