Petroleum downstream sector constitutes one-fifth of GDP - Hamzah Zainudin

The petroleum downstream sector has become one of the nation's economic drivers, contributing one-fifth to the total gross domestic product over the last decade, said Domestic Trade, Cooperatives and Consumerism Minister, Datuk Seri Hamzah Zainudin.

He said this sector was among the key sectors in the country''s development and was among the 12 identified National Key Economic Areas (NKEA).

"Oil, Gas and Energy NKEA is projected to increase the contribution to gross national income to RM131.4 billion and create 52,300 additional jobs by 2020," he said in his speech at the launch of Pandamaran Synergy Petroleum Group's (PSP Group) operation and management complex at Telok Gong here, today.

Hamzah praised PSP Group's effort to nurture three employees who had moved a step further in the petroleum downstream sector by developing the PSP lubricant.

He said PSP Group's direction in exploring foreign markets particularly in ASEAN was an effort that should be emulated by other local companies.

Meanwhile, PSP Group Chairman, Senator Datuk Abidullah Salleh in his speech said the complex build on 1.76-hectare of land with an investment of RM12 million was a one-stop centre for its petroleum and lubricant services business.

He said among the company''s vision was to provide petroleum storage and delivery, offer bunkering service and management of used oil. --Bernama