Bahrain, Malaysia Sign Oil, Gas MoU

The Bahrain Economic Development Board (EDB) and the Malaysia Petroleum Resources Corporation (MPRC) Wednesday signed an MoU to promote cooperation and explore opportunities in the oil and gas sectors.

The MoU was signed on the side lines of a business forum hosted by MPRC in conjunction with Offshore Technology Conference Asia 2016. Dharmi Magdani, country head of the EDB's India office, which covers the Asia region, addressed the forum on the many business opportunities available to Malaysian companies in Bahrain, and on the importance of knowledge sharing and promoting cooperation between industry leaders.

"As an important player in the international oil and gas industry, Malaysian firms can undoubtedly have a role to play in ongoing investment in the sector in the Gulf,” Magdani said. "This agreement will enable us to share our knowledge and experience with the MPRC and drive investment and development in this sector and afford us the chance to raise awareness of the many competitive advantages that Bahrain can offer Malaysian businesses looking to access the GCC region's lucrative $1.6 trillion market."

Bahrain and Malaysia have a history of firm bilateral relations and engagement on a variety of economic and strategic fronts.

"Our mission is to facilitate market expansion, as well as increase competitiveness and innovation in Malaysia's oil and gas services and equipment industry. We can best achieve this by strengthening ties with our international counterparts and entering into strategic partnerships with organisations like the Bahrain EDB,” Datuk Shahrol Halmi, President and CEO of the MPRC, also commented on the announcement.