KUALA LUMPUR: The government will be reviewing the policies related to the oil and gas service and equipment (OGSE) industry, said Minister of Economy Rafizi Ramli.

He said the review is to enable the sector to be more global, sustainable, agile and divergent because the global trajectory of the OGSE industry is much more positive now compared to six years ago.

“I think there is a realisation in the world, not just in Malaysia, that we are looking at the phase down and not an abrupt phasing out of fossil fuel.

“Therefore, crude oil and gas are going to be there,” he said after the launching ceremony of the OGSE Census 2024 here today.

Rafizi noted that the signalling from the government is also important so that the financial sector could realign to the new reality of the industry.

“The ministry is working on specific initiatives for the industry because given the risk profile, it has to be treated slightly differently.

“Discussions are ongoing about extending credit lines and private credits to qualified oil and gas companies,” he pointed out.