Petronas raises capital expenditure to RM55 billion


Dateline 2018-03-05, The Edge:

Petroliam Nasional Bhd (Petronas) is set to increase its capital expenditure for the first time in three years on the back of the recovery in oil prices and its ongoing cost-efficiency drive that boosted profit in 2017 to a level not seen since 2013.

Petronas will spend “around RM55 billion” this year on capex with a higher commitment to upstream development. The national oil firm spent RM44.5 billion on capex in 2017 — down 11.7% from 2016 — with a focus on the downstream sector.

“We are in a stronger position to execute our long-term growth strategy,” president and CEO Tan Sri Wan Zulkiflee Wan Ariffin — better known as Wan Zul — told reporters at the group’s 2017 results briefing last week.

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