Kuching: 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.
According to BERNAMA News Agency, Petros is now participating in 19 production-sharing contracts in collaboration with major oil players from several countries. This involvement is expected to expand, as stated by the chairman during the Petros 7th anniversary dinner. The event was also attended by Sarawak Premier Tan Sri Abang Johari Tun Openg.
Hamid highlighted that since its inception on August 7, 2017, Petros has evolved as an integrated player in the oil and gas sector. The company is actively participating throughout the oil and gas value chain and is focused on driving socio-economic development in Sarawak.
Petros is developing four strategic hubs in Kuchin
g, Miri, Bintulu, and Similaju as part of their gas road map. This development promises a potential investment of RM100 billion in the coming years. In collaboration with Petronas, Petros is set to become the sole distributor of liquefied petroleum gas in Sarawak.
Additionally, Petros has invested RM4.7 million in 2023 on Corporate Social Responsibility initiatives, with a similar amount planned for 2024. These initiatives are primarily focused on education and health.
