Thursday, December 1, 2011

Petronas' RM300 bln capex for 5 yrs intact, says CEO

KUALA LUMPUR (Dec 1): Petroliam Nasional Bhd's growth agenda remains intact to meet rising long term demand for oil and gas, says its president and CEO Datuk Shamsul Azhar Abbas.

He said on Thursday the RM300 billion as capital expenditure (capex) over five years was intact.

'A robust balance sheets, prudent cost and risk controls, efficient cash management and focus of our growth agenda remain key in driving superior performance,' he said.

On the global and industry outlook, Shamsul said the global economic recovery remained volatile with potential downside risks.

Among the risks were a worsening Eurozone debt crisi with the US remaining weak; weakening Asian manufacturing activity in China, South Korea and Taiwan; and continued disruption from Japan's triple disasters.

On prudent energy management reforms, Shamsul'' said subsidised gas prices which leads to an over-reliance on gas as fuel was not sustainable.

'Growing reliance on cheap gas discourages end-users from pursuing energy efficiency,' he said, warning that the bulk of tomorrow's gas requirements would be derived from imports at market prices.

'The days of abundant subsidised gas are effectively over,' he said.

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