KUALA LUMPUR (March 15): Petroliam Nasional Bhd (Petronas) has allocated between RM50 billion and RM60 billion in capital expenditure (capex) for the financial year ending Dec 31, 2024 (FY2024).
At a press conference on Friday, its president and group chief executive officer Tan Sri Tengku Muhammad Taufik Tengku Aziz said the national oil and gas group plans to earmark 20% of its capex for decarbonisation initiatives and expansion into cleaner energy solutions.
“This commitment entails leveraging resources for energy security, advancing the development of carbon capture and sequestration in Kasawari, progressing towards commissioning a liquefied natural gas plant in Canada, and intensifying value accretive renewables and hydrogen projects at home and abroad,” he told reporters after Petronas’ fourth quarter of FY2023 results announcement.
Muhammad Taufik noted that in FY2023, 16% of the total capex of RM52.8 billion was directed towards clean energy solutions and decarbonisation projects.
In May last year, Petronas unveiled plans to allocate RM300 billion in capex over the next five years, with 80% of the focus centred on its core hydrocarbons business to bolster energy security while concurrently fostering efforts in energy transition.
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