Petronas to boost capex spending

“Overall capex spent in this quarter represented 15%-19% of the estimated total capex of RM40bil to RM50bil in 2022, and is also rather reflective of levels in 2019,” RHB Research said in its report.

KUALA LUMPUR: Petroliam Nasional Bhd’s (Petronas) capital expenditure spending could pick up and recover to pre-pandemic levels of more than RM40bil this year.

This is as oil prices are poised to stay at elevated levels coupled with recent data from Petronas’ capital expenditure (capex) spending in the first quarter having risen by 12% year-on-year to RM7.4bil.