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Malaysia may become net oil importer by 2009 - ASHARQ AL-AWSAT English Archive
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Kuala Lumpur-Malaysia might no longer have crude oil exports as a revenue source by the end of this decade because the country”s reserves are dwindling,the government said Saturday.

&#34Malaysia is an oil exporter, but if we do not find new

oil reserves, then by 2009, we will become a net importer,&#34 said Deputy Prime Minister Najib Razak. &#34This means we cannot continue to lean on the oil sector.&#34

The Associated Press said Najib did not elaborate in his speech at the annual congress of Malaysia”s ruling party.

Officials have said Malaysia has recoverable oil reserves for the next 19 years and of gas for 33 more years, but might be forced to become a net oil importer much sooner than that if domestic demand surges too fast in coming years.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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