Malaysia’s Petronas warns of project delays, aims to keep local capex

Dateline 2020-04-14, Yahoo:

Malaysian state energy giant Petronas said the risks of delays to some of its projects were rising due to prolonged coronavirus-related lockdowns around the world.

Petronas, which operates in more than 20 countries including Brazil and the United States, said in an email that it would try to maintain its domestic spending for this year.

The company forecast 2020 domestic capital expenditure of 26 billion ringgit ($6 billion) to 28 billion ringgit, higher than last year.

“The ongoing global spread of the COVID-19 outbreak and collapse in oil prices continue to impact financial markets as well as many economies and industries around the world,” Petronas said in an emailed statement on Monday.

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