Greenfield project awards likely to be disappointing

Petroliam Nasional Bhd (Petronas) and a consortium led by Japan's JXTG Holdings Inc are among the companies interested in buying a stake in India's Bina oil refinery, a source close to the matter said.

PETALING JAYA: Mega greenfield project awards in the oil and gas (O&G) sector this year will be disappointing as local capital expenditure (capex) spending is expected to be largely focused on maintenance and brownfield works, said a research house.

On top of this, said UOB KayHian Research, a severe delay in the go-ahead for the Kasawari project could result in the Limbayong award being delayed to year-end. This is despite bids having closed last month.