KUALA TERENGGANU (April 17): The Terengganu government is actively exploring strategic partnerships with countries such as Australia, Japan, and South Korea to gain access to open and sustainable alternative technologies, in line with its efforts to optimise the state’s natural resources.
Menteri Besar Datuk Seri Dr Ahmad Samsuri Mohktar said that the primary focus of the collaboration is to attract local industry players and experts, particularly in the non-radioactive rare earth element (NR-REE) sector.
“Our goal is clear, which is to ensure that the industrial value chain is established and remains in Terengganu through the creation of job opportunities, the development of supporting industries, high-impact investments, and technology transfer that can drive the state’s economy,” he said when winding up the debate on the motion of thanks for the royal address at the Terengganu State Legislative Assembly at Wisma Darul Iman on Thursday.
Ahmad Samsuri added that a framework and road map for the development and governance of Terengganu’s NR-REE sector had already been drawn up, ensuring that the maximum benefits would be derived by the people of the state.
He said that, so far, two areas had been approved for NR-REE sampling and exploration work, and the state government is also working to attract global investors to develop the mid- and downstream segments of the industry in Terengganu.
“This move is expected to have a huge economic multiplier effect, making the NR-REE sector one of the state’s new strategic sources of income,” he said.
Ahmad Samsuri said that, in an effort to increase state revenue, a company under Terengganu Incorporated (TI), namely Epic Bhd and its subsidiaries, had been expanding its activities by engaging in the oil and gas sector, including downstream, midstream, and upstream services.
He said that the activities involved were maintenance, logistics, and warehousing, with a contract value of RM1.8 billion secured until Dec 31, 2024.
Ahmad Samsuri said that the TI group is also in the process of expanding its activities in the upstream, exploration, and production segments to complement the involvement of the state’s government-linked companies (GLCs) in the entire oil and gas industry value chain.
“TI has identified a company based in Oman to be a strategic partner in oil and gas production activities. Two oilfields have also been identified for TI to take over their operations, and preliminary discussions have now begun with Petronas.
“Revenue from this exploration and production segment is expected to support the medium-term goal of creating a Terengganu petroleum entity that will grow and become the largest contributor to the income of the entire Terengganu GLC oil and gas cluster,” he added.
Ahmad Samsuri said that, on average, the Terengganu economy recorded growth of RM22 billion from 2008 to 2013, RM31 billion from 2014 to 2017, and increased to RM35.9 billion from 2018 to 2023, despite global economic uncertainties.
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