Petros’ new role likely to affect PETRONAS capex

UOBKH Research stated the paradigm shift in Sarawak is a key reason behind PETRONAS move to focus on its overseas projects in Canada and Argentina.

PETALING JAYA: Petroleum Sarawak Bhd (Petros) move to take over the role of sole gas aggregator of Sarawak’s natural gas trading business locally and overseas from Petroliam Nasional Bhd (PETRONAS) may have a significant effect on capital expenditure (capex) spending activity by the latter.

UOB Kay Hian (UOBKH) Research stated the paradigm shift in Sarawak is a key reason behind PETRONAS move to focus on its overseas projects in Canada and Argentina and why the national oil company’s domestic upstream capex may be relatively unexciting going forward.