KUALA LUMPUR, Aug 27 — Petroliam Nasional Bhd (Petronas) sees its capital expenditure for the financial year ending December 31, 2021 (FY2021) to close at RM39 billion to RM40 billion compared to RM33 billion in the last financial year.
Executive vice-president and group chief financial officer Liza Mustapha said the group was looking to allocate investments which are able to yield faster returns.
“Most investments have their grace period of investments before the cash starts coming in,” she told reporters after announcing Petronas’ financial performance in the first half ended June 31, 2021 (FY2021) today.
The national oil firm has invested RM12.7 billion in the first half of the year, mainly attributed to upstream projects versus RM14.8 billion in the same period a year earlier.
The national oil and gas firm announced an additional RM7 billion dividend to the government, bringing a total contribution of RM25 billion for the financial year ending December 31, 2021.
It previously approved RM18 billion for FY2021. — Bernama