MITI ready to discuss investment in Terengganu with Saudi Aramco, says Tengku Zafrul

10 Aug 2023

The Ministry of Investment, Trade and Industry (Miti) and the agencies under it have not yet held a discussion on the proposed investment involving Saudi Aramco in Kemaman, Terengganu.

However, Minister Tengku Datuk Seri Zafrul Abdul Aziz said his side is ready to accept proposals and discuss the matter with the world’s largest oil and gas company.

He explained that Petroliam Nasional Bhd (Petronas) and Saudi Aramco already had a joint investment in Pengerang, Kota Tinggi since 2017, involving a considerable investment of US$7 billion (RM32 billion).

“If they (Saudi Aramco) want to go to Terengganu and continue investing in Malaysia, then we at Miti and Mida (the Malaysian Investment Development Authority) would always welcome that investment.

“Perhaps [discussions] with Petronas have already taken place, but [discussions] with Miti and Mida have not yet taken place.

“In Pengerang, [the investment] is already there, but in Terengganu, we are still waiting,” Tengku Zafrul told reporters at Taman Teknologi Nusajaya here on Thursday (Aug 10) after officiating at the opening of a data centre.

On Wednesday, Prime Minister Datuk Seri Anwar Ibrahim said he had asked Saudi Aramco to invest in Kemaman, Terengganu.

Source: Bernama