KUALA LUMPUR, April 28 (Xinhua) -- Restoring the stable supply of energy, including crude oil, could take up to 12 months should the crisis in the Middle East drag on, Malaysia's Economy Minister Akmal Nasrullah Mohd Nasir said on Tuesday.
The already fragile supply of energy products from the Persian Gulf region could worsen if there were damage to oil and gas infrastructure, as repairs to the infrastructure could take an extended time, Akmal said in a televised address.
He said that the upward momentum continued, with the latest closing price on April 27 reaching 113.34 U.S. dollars per barrel, higher than the level on April 24, when markets closed last week.
The trend indicates that the global supply is still in crisis and could continue to affect a wide range of sectors, including oil and gas, petrochemicals, fertilizer production, food packaging, medical devices and construction materials, he said, adding that the government is also enhancing the implementation of biodiesel as a measure to extend energy supply, reduce reliance on imports and support local industry.
Akmal also said the government continues to prioritize fertilizer supply and agricultural inputs to safeguard food security, particularly due to uncertainties in raw material supply, rising logistics costs and pressure from input prices.
He added that the government is in discussions with industry players, focusing on diversifying raw material sources, improving production efficiency and expanding capacity to meet domestic demand. ■
