Petronas spending not affected by weaker oil prices

Petronas could emerge with rival bids

PETALING JAYA: The recent oil prices pull-back will not affect Petroliam Nasional Bhd’s (Petronas) spending, given that the local oil major has pegged its capital expenditure (capex) budget at an average US$45 per barrel, according to Kenanga Research.

The research house said this was conservative compared with the US government’s Energy Information Administration forecast of US$54 per barrel.