02-04-01 A British trade delegation has arrived in Malaysia for a five-day visit with an eye to secure investment opportunities in the petroleum sector, officials have said. "British Trade International has identified the oil and gas sector as of particular interest to UK firms," Sir Jeremy Hanley, leader of the group told.
Hanley, a foreign minister specialising in overseas trade under the last Tory government, said British companies are keen to "play a big role" in the upstream and downstream oil and gas activities. The Malaysian government has a stated policy of developing oil and gas reserves over the next five years and has allocated $ 16 bn to this end.

Malaysia plans for 30 % of this to be provided by direct foreign investment. Hanley said the delegation would seek clarification regarding Malaysia's plan to block the opening of foreign petrol stations.
"It is that sort of restriction... one has to decide it does not spread into other areas of businesses. "Obviously one does not want creeping nationalisation. If it is that then it is disincentive to foreign direct investment. It is one of the matters we are seeking clarification," he added.