Petronas to allocate capex for green energy for first time

Malaysian oil and gas company Petronas will for the first time allocate a portion of its capital expenditures to clean energy development, Report informs referring to BERNAMA agency.

According to Liza Mustapha, CFO of the company, by the end of the current year, Petronas expects to receive larger funds for operating expenses, which will be used to develop and modernize the business. By the end of December, revenues will be around RM60 billion ($13 billion), double the 2021 figure.

About 10% of these operating expenses will be allocated by Petronas to projects in the field of clean and green energy. In particular, this includes solar energy and the development of special chemicals. In this way, the company expects to make an effective contribution to the implementation of its program to achieve zero carbon emissions by 2050.

"This is our first such investment in clean energy. Previously, there were no decisions from the company's management regarding investments in this area and their size," Mustapha said.