Malaysia Global Oil & Gas Hub – The Global Incentive for Trading (GIFT) Programme

Malaysia Global Oil & Gas Hub – The Global Incentive for Trading (GIFT) Programme

The Talk on “Malaysia Global Oil & Gas Hub – The Global Incentive for Trading (GIFT) Programme” took place on Wednesday 31st October 2012 at the Bankers Club, Kuala Lumpur – Malaysia, organized by the Arab Malaysian Chamber of Commerce Berhad (AMCC) with the support of Invest KL Malaysia and sponsored by CIMB Berhad and Labuan International Business and Financial Centre (Labuan IBFC).

For the talk, the AMCC brought together Labuan IBFC and Malaysia Petroleum Resources Corporation (MPRC), the two agents that launched on 31th October 2011 the Government of Malaysia`s GIFT Programme.

“With the setup of MPRC and the introduction of G.I.F.T, Malaysia has taken massive leaps in addressing some of the major supply, operational, legal, expertise, marketing and procurement issues within the industry” says Mr. Ahmed Tahoun, AMCC`s President.

The distinguished speakers, Mr. Mohd Zaidi Shariff (MPRC) and Mr. Anil Kumar Puri (Erns & Young Malaysia), highlighted the factors that position Malaysia as the Asia Pacific hub for the growing petroleum storage and trading business, which includes: the integration between trading activities and the financial, legal and insurance sectors; the lifestyle and liveability factor that are an asset to international traders in oil & gas and other commodities; the state of the oil terminal and storage facility currently being developed in Pengerang, Tanjung Bin and Tanjung Langsat; the competitive incentives granted under GIFT, such as preferential tax rates, income tax exemptions and flexibility to establish operational & registered offices in Malaysia.

“The deep commitment by the Malaysian administration to integrate itself as a valued player in the global industry has resulted in implementing a proactive platform that moves with the pace of the industry and enhances efficiency of the energy sector in totality” comments Mr. Tahoun.

He adds: “The Arab Malaysian Chamber of Commerce is proud to amplify Malaysia’s initiative to its members, and we encourage everyone in attendance to not just take advantage of this initiative but to study it, for it is a long term roadmap that evolves and outlines the changes within the Oil & Gas Industry. The chamber believes in and supports Malaysia’s aim to become a global hub for the Oil and Gas Industry” said Mr. Ahmed Tahoun, AMCC President.