Petronas cuts annual capex to RM40b-RM45b over next five years

Petroliam Nasional Bhd (Petronas) has further reduced its allocation of capital expenditure (capex) to between RM40 billion and RM45 billion per annum for the next five years.

Senior vice president and group chief financial officer Liza Mustapha said the national oil company, which previously earmarked RM50 billion to RM60 billion annually for its capex, had revised the amount due to the projected global oil prices and industry outlook in the coming five years.

"Petronas also plans to spend a higher capex for domestic activities than the international programme. We will increase domestic spending to 55 percent (of capex), while international programme will be at 45 percent. In the previous allocation, spending stood at 52 percent domestic and 48 percent international," she said during...