Petros To Allocate RM40 Bln For Capex Over The Next Five Years -- Chairman

KUCHING, Oct 31 (Bernama) -- Petros, the Sarawak government-owned oil and gas company, is allocating about RM40 billion over the next five years for its capital expenditure (capex), according to its chairman, Tan Sri Hamid Bugo.

He added that the company registered a total revenue of RM4 billion last year 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 when speaking at the Petros 7th anniversary dinner here last night.

Also present was Sarawak Premier Tan Sri Abang Johari Tun Openg.

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

He said under their gas road map, Petros is developing four strategic hubs in Kuching, Miri, Bintulu and Similaju, with a potential investment of RM100 billion in the next few years, and together with Petronas, becoming the sole distributor of liquefied petroleum gas in Sarawak.

“We also spent RM4.7 million in 2023 on our Corporate Social Responsibility initiatives and about the same amount in 2024, largely for education and health,” he added.

-- BERNAMA