KUALA LUMPUR, Feb 26 -- Petroliam Nasional Bhd (Petronas) has maintained its annual capital expenditure (capex) at RM50 billion in 2020 with a more than 10 per cent increase in domestic capex this year of between RM26 billion and RM28 billion.
Its president/group chief executive officer Tan Sri Wan Zulkiflee Wan Ariffin said the higher capex allocation for domestic operations would be spent predominantly on upstream activities.
"There are a few projects...some are ongoing. A lot of projects that we have already started, we need to continue.
"There are a lot of projects that have achieved final investment decision last year," he told reporters after after the announcement of Petronas' financial performance ended Dec 31, 2019 here today.