MIT Technologies Announces Strategic Investment in Malaysia to Drive Resilience and Sustainable Growth Through Innovation
Kuala Lumpur, Malaysia - Mar 22, 2024
Group President visit to the Operating Office
MIT Technologies, a global leader in technological innovations and solutions, is proud to announce a significant new investment in Malaysia, marking a strategic step towards resilience and sustainable growth through cutting-edge technology. The establishment of SG InnoTech Sdn Bhd, a new member of the MIT Technologies family, is a testament to our commitment to Sustainability and Growth through Innovation and technology. This initiative aims to advance technology in complex drilling operations for the oil and gas industry and expand our portfolio in downhole systems capabilities.
During the visit by MIT Holdings Group President, the positive economic progress following the COVID-19 pandemic was reviewed. Impressed by the strides made, the Group President approved the necessary budget for this groundbreaking project. This strategic investment has been meticulously planned to ensure the completion of innovative projects that leverage our proven and patented Agile™ downhole telemetry communication system.
SG InnoTech Sdn Bhd will focus on the development of game-changing technologies specifically designed for complex drilling operations of oil and gas wells. This initiative will enhance not only our downhole systems capabilities but also position MIT Technologies at the forefront of technological advancements in the oil and gas sector with a focus on reducing carbon emissions for enhanced sustainability. Notably, the investment in Malaysia will be co-located with the main operating branch of MIT Innovation Sdn Bhd at the HIVE 10 building of MRANTI Technology Park.
The allocated investment will address several critical areas, including:
- Research and Development (R&D) Expenses:
Facility Expansion Review
Funding to support ongoing and future R&D efforts, ensuring continuous innovation and improvement in our drilling technologies.
- Material and Equipment for Prototypes and Pilot Deployment:
Resources to develop, test, and refine prototypes, facilitating the seamless transition from concept to real-world application.
- New Capital Expenditure (CAPEX):
Investment in state-of-the-art facilities and equipment to accelerate the time to market, ensuring that our cutting-edge solutions are available to our clients as swiftly as possible.
MIT Technologies’ patented Agile™ communication system will be at the core of these new developments, providing a robust foundation for advanced drilling operations. This system has been widely recognized for its reliability and efficiency, and its integration into SG InnoTech’s projects will undoubtedly set new industry standards.
“Malaysia represents a significant opportunity for MIT Technologies to expand our technological footprint and drive sustainable growth,” said Mr. Ahmed Tahoun, Group CEO of MIT Technologies. “With SG InnoTech, we are poised to deliver innovative solutions that will revolutionize complex drilling operations for the oil and gas industry, contributing to the resilience and advancement of the oil and gas industry.”
This strategic investment underscores MIT Technologies' commitment to innovation, excellence, and sustainable development. We are confident that SG InnoTech Sdn Bhd will play a pivotal role in achieving our long-term growth objectives and maintaining our leadership in the industry.
Group President with the service delivery team