PETRONAS likely to raise capex in Q4

The national oil company spent RM8.1bil in capex in Q3 FY22, or 30% lower quarter-on-quarter, despite its nine-month earnings rising 120% year-on-year to RM77.2bil.

PETALING JAYA: Oil and gas sector analysts expect Petroliam Nasional Bhd (PETRONAS) to raise its capital expenditure (capex) in the fourth quarter of 2022 (4Q22), backed by its higher income and earnings in an elevated energy price environment.

The national oil company spent RM8.1bil in capex in 3Q22, which was 30% lower quarter-on-quarter despite its nine months (9M22) earnings rising 120% year-on-year (y-o-y) to RM77.2bil.