Petronas allocates capex for clean energy spaces for the first time

MIDF group managing director Datuk Charon Mokhzani (left) and Petronas group chief financial officer Liza Mustapha (right).

KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) has set aside a higher capital expenditure of nearly RM60 billion for the financial year ending Dec 31, 2022 (FY2022), of which 10 per cent will be spent on non-traditional spaces such as specialty chemicals and solar energy to achieve its net-zero carbon emissions target by 2050.

Group chief financial officer (CFO) Liza Mustapha said the 10 per cent allocation is the national oil company’s inaugural capex for clean energy spaces.