Due to prolonged coronavirus-related lockdowns around the world, Malaysia’s Petronas said the risks of delays to some of its projects were rising. Petronas operates in Brazil, the US and other 18 countries. For 2020, the company will try to maintain its domestic spending.
Higher than 2019, Petronas forecasts 26 billion ringgit to 28 billion ringgit for 2020 domestic capital expenditure. As a precautionary measure as the coronavirus spread, the company last month evacuated all its 80 Malaysian employees from an operation in Iraq.
Malaysia has joined the OPEC and other nations in reducing output by 9.7 million bpd in May and June to arrest a massive fall in energy prices. The amount corresponds to nearly 10 percent of global supply.
