Matrade Dubai senior trade commissioner Datuk Dzulkifli Mahmud said the amount, representing potential opportunities in engineering design, mercury contaminant services and document management systems, was the result of 98 business meetings held in Abu Dhabi, Doha and Muscat.

"The economic slowdown and tighter credit conditions has so far not negatively affected investments in the oil and gas industry," Dzulkifli observed.

He reckoned that key projects which produce long-term benefits were likely to go ahead, given that oil and gas is the most vital sector for the economy of the region.

Eight Malaysian oil and gas services companies with 13 representatives took part in the mission.

According to Dzulkifli, the oil and gas sector would see increased spending for upgrading, engineering and technology procurement to accommodate an increase in oil and gas production.

"Malaysian companies stand to benefit from this expansion by virtue of market acceptability and compliance to international standards in oil and gas," he explained.

In Abu Dhabi, the Malaysian companies were briefed on opportunities in Iraq by Dr Salwan Yousof, the chief executive of Inter Group, an Iraqi firm.

The company which specialises in oil and gas as well as construction, has operations in the United Arab Emirates (UAE) and Iraq.

In Muscat, Petronas Carigali Ltd representatives gave a comprehensive presentation on their involvement in Oman and Iraq.

Dzulkifli said roundtable discussions involving national oil companies (NOCs) such as Qatar Petroleum and Petroleum Development Oman, provided a better insight into their procurement system and tender process.

"These NOCs have encouraged Malaysian companies to participate in tenders which are available online," he added.

Similar discussions were also held with two subsidiaries of Abu Dhabi National Oil Company, namely Zakum Development Company and Abu Dhabi Company for Onshore Oil Operations.

"The Malaysian participants were briefed on current and upcoming projects and how they can participate in the tender process," Dzulkifli said.

The trade commissioner described as vital, collaborations between local and Malaysian companies to enter the market.

In addition, he said Malaysia could offer training for oil and gas personnel in areas like safety, production, negotiation and procurement.

-- BERNAMA