Founded in 1974, the Malaysian oil firm managed to record its highest revenue in history, amounting to 375.3 billion ringgit in 2022, up 51 percent from 248 billion ringgit in 2021.
Petronas’ Chief Executive Officer Tengku Muhammad Taufik said he expects prices to correct this year.
"As demand recovery is still fragile, based on supply challenges, this means volatility," he said during a news conference.
Petronas also said the company will continue to exercise prudent financial management and firm discipline in reinvesting.
Capital expenditure for 2023-2027 will be increased to about 300 billion ringgit from 208.5 billion ringgit in 2018-2022, it said.
They foresee raising capital expenditures through partnerships, mainly energy investors, rather than through capital markets, Tengku Taufik said.
Meanwhile, up to 20 percent of its annual capital expenditure, or up to 12-15 billion ringgit per year, will be committed to de-carbonization and energy transition.
This article has been translated from Indonesian, partly with the help of an artificial intelligence tool.
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