Petronas to set up two new units, spend up to RM50bil on capex

KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) will launch a new independent entity by mid-2022 and also set up a centralised carbon management unit as the group embarks on its next phase of growth. The national oil company is also looking to spend up to RM50 billion on capital expenditure (capex) this year.

Petronas president and group chief executive officer Datuk Tengku Muhammad Taufik Tengku Aziz said the new independent entity would focus fully on cleaner energy solutions and capture opportunities in the energy transition segment, alongside its core portfolio.