Petronas to accelerate capex


Dateline 2013-06-07, Sun Daily:

Petroliam Nasional Bhd (Petronas) will likely play catch up on capital expenditure (capex) over the next three years with focus on developing Malaysian oilfields as it remains committed to increasing production.

“(Petronas’) capex spending will progressively pick up over the next three years amid delays in executing the Refinery and Petrochemical Integrated Development (Rapid),” Maybank Investment Bhd (Maybank IB) said in a research note yesterday.

Petronas had said that the final investment decision (FID) on its RM60 billion Rapid project is expected by March 2014, which in effect pushes back the completion date for the project’s first phase by a year to 2017.

It noted Petronas had only subscribed 29% of the total RM300 billion capex it had put aside for a five year period since 2011.

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