Petros to allocate RM40bil for capex over next 5 years

 

Petros is taking part in 19 production-sharing contracts in collaboration with major oil players from several countries, says its chairman, Hamid Bugo. (Petros pic)

KUCHING: 

Petros, the Sarawak government-owned oil and gas company, is allocating about RM40 billion over the next five years for its capital expenditure, according to its chairman, Hamid Bugo.

Hamid said the company registered total revenue of RM4 billion in 2023 and this figure is projected to grow over the next few years.

“Petros is now participating in 19 production-sharing contracts in collaboration with major oil players from several countries. Predictably, this will also grow,” he said at the company’s 7th anniversary dinner here last night.

Present was Sarawak premier Abang Johari Openg.

Hamid said that since its launch on Aug 7, 2017, Petros has grown as an integrated player, actively taking part throughout the oil and gas value chain, streamlining efforts to power social economic development in Sarawak.

He said that under its gas roadmap, Petros is developing four strategic hubs – in Kuching, Miri, Bintulu and Similaju – with a potential investment of RM100 billion in the next few years.

Together with Petronas, it will become the sole distributor of liquefied petroleum gas in Sarawak. - FMT