Malaysia attracting oil firms

KUALA LUMPUR, Malaysia, May 27 (UPI) -- Malaysia is becoming a favorite hub of multinational companies for oil and gas machinery and equipment manufacturing, a minister said Tuesday.

Malaysia's International Trade and Industry Minister Tan Sri Muhyiddin Mohammed Yassin said as of last year, 20 oil and gas companies had set up their operational headquarters in his country, Bernama news agency reported.

They include Baker Hughes, Hess Oil & Gas, Paradigm Geophysical, Technip, SBM Group and GE O&G Pipeline Solution, the report said.

"This augurs well with Malaysia's aim to be the regional hub for oil and gas machinery and equipment manufacturing as well as fabrication and services such as maintenance, oil field, development and monitoring, inspection and testing," Muhyiddin said.

He said in 2007 Malaysia's oil and gas industry attracted substantial investment in specialized high-technology machinery and equipment, reaching about $332 million from about $83 million the previous year.