Petronas to Double Capex to $14 Billion on Project ‘Catch-Up’


And when does this trickle down to us bottom feeders?

Dateline 2022-06-09, Bloomberg:

Malaysia’s national oil company Petroliam Nasional Bhd. plans to double its capital expenditure to 60 billion ringgit ($14 billion) this year from 2021, as business activities normalize following the lifting of Covid-era restrictions.

Many of its projects were delayed due to the pandemic and “there’s a lot of catch-up that’s happening this year,” Group Chief Financial Officer Liza Mustapha said in a conversation with MIDF Group’s Managing Director Charon Wardini Mokhzani on Thursday.

Petronas expects to post a “triple-digit” growth in revenue this year amid high oil prices, Liza said. Its first-quarter profit more than doubled to 23.4 billion ringgit from a year earlier on the back of a 50% jump in revenue.

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