Petronas’ 2018 priority is Rapid
Khairul Khalid | 09 Mar 2018 00:30
Petronas is expected to spend some RM55 bil in capital expenditure this year

Despite the latest sterling financial results by Petroliam Nasional Bhd (Petronas), local oil and gas players hoping for a shot-in-the-arm might be in for a disappointment. This is due to prevailing uncertainties in the sector.

Moreover, while Petronas is expected to increase its overall capital expenditure this year, it will likely focus on completing its highly anticipated Refinery and Petrochemical Integrated Development (Rapid) project in Pengerang, Johor, which could benefit only a handful of players.

As a result, small oil and gas (O&G) companies will continue to face tough times this year. “Hopefully, Petronas’ recovery will continue to improve this year and lead to more projects for local players other than Rapid. Petronas’ new discovery of oil in Gabon is also great news,” the CEO of a local O&G company says.