Published: Thursday February 16, 2012 MYT 4:55:00 PM
Updated: Thursday February 16, 2012 MYT 7:50:56 PM
Najib: Downstream oil and gas industry to become new money spinner
SIPITANG: The downstream oil and gas industry will continue to be developed further as it can become a new money spinner for the country, Prime Minister Datuk Seri Najib Tun Razak said.
Citing the example of the Sabah Ammonia Urea (SAMUR) Petronas project, he said urea production would bring double value-added benefits to the country's exports.
"If we compare with the export of crude natural gas, we lose out on value-added benefits," he told reporters after officiating the ground breaking ceremony for the SAMUR project here.
Najib, who is also Finance Minister, said 95 per cent of the urea plant's output of 1.2 million tonnes, per year, would be exported, raking in foreign reserves of some US$4.8 billion, annually.
He said under the National Key Economic Area, the oil and gas sector is forecast to contribute an estimated RM241 billion towards the nation's Gross Domestic Product, annually, until 2020.