On Tuesday, the Malaysian government announced tax incentives to boost oil output, while also making plans forthe investment of billions of dollars in infrastructure which will serve in furthering the country's efforts to provide millions of jobs and double the national income by the year 2020.

Malaysia is expected to become a net importer of oil between 2012 and 2013 and said it would cut taxes on development projects of oil and natural gas to promote the new rate of extraction from fields with decreasing production.

Prime Minister Najib Razak told a news conference that "by reducing the risk and increasing the return on (oil and gas) investment, this initiative could generate revenue from petroleum above $15.85 billion for Malaysia over the next twenty years".

He added that the tax incentives will cost the budget $2.5 billion, with the loss of tax revenues coming from the giant state oil company Petronas, which generates about half of total government revenues.

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