Two oil & gas MNCs plan to shift Asean HQs to KL

Kuala Lumpur

THE collapse in oil prices may be hurting government revenues and the economy but there is a silver lining: Two oil and gas companies are planning to relocate their Asean headquarters in Kuala Lumpur because of its cost competitiveness and talent pool, revealed the state agency InvestKL.

The companies' agreement to "completely relocate" brings Invest-KL's tally of new multinational corporations (MNCs) setting up in Kuala Lumpur over the past four years to 50. Their combined approved investments amount to RM6 billion (S$2.02 billion) and they have committed to creating 7,000 jobs.