Petronas doubles capex to nearly RM60b for 2022

Petronas has set aside a higher capital expenditure of nearly RM60 billion for the financial year ending Dec 31, 2022 (FY2022), of which 10 percent will be spent on non-traditional spaces such as speciality chemicals and solar energy to achieve its net-zero carbon emissions target by 2050.

Group chief financial officer Liza Mustapha said the 10 percent allocation is the national oil company’s inaugural capex for clean energy spaces.