Petronas cuts FY20 capex and opex as oil slump hits

Dateline 2020-05-22, The Edge:

Petroliam Nasional Bhd, which reported a 68% year-on-year fall in its first quarter profit after tax (PAT) today, is slashing its capital expenditure for the financial year ending Dec 31, 2020 by 21% from its initial estimate of around RM50 billion, as it faces challenges driven by the pandemic outbreak that has led to a supply-demand shock in the oil market this year.

The national oil giant said it will strive “as far as practically possible” to minimise the impact of the cuts to its Malaysian capex programme, previously planned at RM26 billion-RM28 billion this year.

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