The oil & gas industry works to global standards. Therefore, the community whether as working individuals, entrepreneurs or business entities, have accumulated a wide range of globally relevant expertise, experience and capability.
Even though the industry has associations championing industry issues, they are limited to being the voice for their members, and not able to be involved in business.
Towards the middle of 2018, an idea was mooted, to create a business platform to empower the potential of the oil & gas community, for the benefit of the community.
Also during this period, the government has embarked on an agenda, under the Ministry of Entrepreneur Development, to make Malaysia a nation of entrepreneurs. And one of the focus business platform for entrepreneurship is the COOPERATIVE or KOPERASI.
In response to this national aspiration, the Koperasi Tenaga dan Petroliam Bhd (KTP) was formed under rules and regulations set by the Suruhanjaya Koperasi Malaysia (SKM).
KTP received its certificate of incorporation on 22nd February 2019 and finally operational in July 2019 after meeting the various formation requirements, including the opening of the bank account to receive members’ investments.
Reflecting that the energy sector is nationwide, KTP obtained approval from SKM on 6th August 2019 to be a national based entity, hence membership is from across the nation.
KTP’s immediate focus is to create visibility, while working on the first potential projects and businesses to establish KTP with a sound footing, towards the goal of making KTP a leading business cooperative in Malaysia.
KTP shall support the interest of members through various initiatives including Welfare, Networking, Entrepreneurship, Business opportunities, Investment opportunities.
A key strategy advantage for KTP is having access to a wide range of capabilities, resources and expertise of the members, and hence KTP can offer members new opportunities especially larger complex projects that require integrated capabilities.