KUALA LUMPUR, Feb 11 — The oil and gas (O&G) industry, Malaysia’s second highest export earner after electrical and electronics, will continue to be a focus area for the government this year amid the volatility in oil prices.

International Trade and Industry Deputy Minister Ong Kian Ming said while tackling weakening crude oil prices, Malaysia was also giving attention to downstream products.

"We are giving attention to downstream products and do expect (investment) activities due to the Refinery and Petrochemical Integrated Development (RAPID) project in Pengerang.

"This is big investment,” he said, adding that the investments at Pengerang were by other companies.

"When the time comes, we will make the announcements,” he told reporters after a networking session with agencies under the Ministry of International Trade and Industry (Miti) here today.

Ong said despite the challenges faced by the industry, no companies were shutting down but some had opted to scale down operations.

He added that Miti was ready to discuss with industry players on how to improve the downstream oil and gas industry and propel the Malaysian economy.

"Oil price traded at US$40 (RM163) per barrel in the past and it is expected to hover between US$60 and US$70 per barrel.. this will be sufficient for industrial players to revise their exploration and extraction activities. I am cautiously optimistic with the industry,” he added. — Bernama